As an analyst with extensive experience in the tech and finance industries, I find MicroStrategy’s continued commitment to Bitcoin an intriguing development. The company’s recent purchase of 122 BTC for $7.8 million, despite a decline in Bitcoin’s price since its record high earlier this year, underscores their long-term belief in the cryptocurrency’s potential.
MicroStrategy, a leading business intelligence firm, continues to expand its bitcoin holdings. It recently acquired 122 more Bitcoins for approximately $8 million. In the year 2024, this NASDAQ-listed corporation has bought over 25,000 Bitcoins.
In the first quarter of 2024, the world’s largest corporation holding Bitcoin reported a net loss and a drop in revenue.
In April, MicroStrategy purchased an extra 122 Bitcoins for approximately $7.8 million, bringing their total holdings to around 214,400 Bitcoins. Join us at 5pm ET for our Q1 2024 financial results discussion and Q&A session regarding the future of Business Intelligence and Bitcoin. $MSTR
— Michael Saylor (@saylor) April 29, 2024
- MicroStrategy, in its Q1 2024 financial results, revealed that its Bitcoin holdings have grown to 214,400 following the acquisition of 122 BTC in April for $7.8 million, with the firm taking advantage of the dip.
While the purchase is small compared to its previous BTC acquisitions, MicroStrategy maintains its dedication to continue adding to its Bitcoin pot, even despite the crypto’s recent price decline.
Bitcoin hit a new price record of over $73,000 in 2024 in March but has since declined more than 13%, currently trading at $63,400, according to Coingecko.
MicroStrategy also revealed it had bought a total of 25,250 BTC – with most of the proceeds from two successful convertible debt offerings – since the end of Q4 2023 for $1.65 billion, or at an average cost of $65,232 per coin.
The firm’s current Bitcoin pot of 214,400, meanwhile, is valued at approximately $13.6 billion and was purchased for $7.5 billion as of April 26, 2024, at an average price of $35,164, as stated in the report.
While MicroStrategy continues to increase its BTC holdings, the business intelligence company’s Q1 2024 results recorded a 5.5% decrease in revenue at $115.2 million compared to the same period in 2023.
Also, the report noted a net loss of $53.1 million in Q1 2024, or $3.01 per share, as against a net income of $461.2 million in the same quarter in 2023. The net loss came after a digital asset impairment loss of $191.6 million in the first quarter of 2024.
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2024-04-30 09:46