Business intelligence company MicroStrategy continues to increase its bitcoin stash, with a recent purchase of 122 BTC for nearly $8 million. In 2024 alone, the NASDAQ-listed giant has bought over 25,000 BTC.
The company, which continues to remain the world’s largest corporate holder of Bitcoin, also reported a net loss and a decline in revenue in the first quarter of 2024.
In April, @MicroStrategy acquired an additional 122 BTC for $7.8 million and now holds 214,400 BTC. Please join us at 5pm ET as we discuss our Q1 2024 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/h40yyrgEb0
— 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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