MicroStrategy, the leading player in the cryptocurrency market, managed to make headlines with its latest move. In April, the company filed 122 claims worth approximately $7.8 million. Bitcoin bought more. This acquisition adds to MicroStrategy’s assets, which currently total 214,400 BTC. Such a major investment solidifies MicroStrategy’s position as a major player in the crypto market and demonstrates its continued confidence in the long-term potential of digital assets.
Purchasing assets, MicroStrategyAlong with ‘s quarterly earnings report for Q1 2024 announced. According to the report, MicroStrategy’s total BTC assets were purchased at an average price of $35,180 per unit.
Andrew Kang, MicroStrategy’s Chief Financial Officer, emphasized that this acquisition marks the company adding more Bitcoin to its balance sheet for the 14th consecutive quarter and that it remains committed to its strategies.
However, amid MicroStrategy’s Bitcoin buying spree, the company recorded a revenue decline in the first quarter, with total revenue of $115.2 million, down 5.5% from the previous year. As Koinfinans.com reported, however, subscription services revenue increased by 22% to $23.0 million. Despite this, the company reported a net loss of $53.1 million, primarily due to a $191.6 million impairment loss on its BTC assets. Operating expenses increased by 152.8% to $288.9 million, while gross profit was $85.2 million.
Despite these challenges, MicroStrategy has gained momentum, especially with the recent approval of products traded on the spot Bitcoin exchange. cryptocurrencyIt remains confident in its strategy, pointing to potential growth in corporate demand for .
Despite the financial difficulties experienced, MicroStrategy maintains its belief in Bitcoin’s potential. CEO Michael Saylor reaffirmed the company’s commitment to Bitcoin assets, viewing them as a long-term hedge against inflation. Calling BTC accumulation an investment strategy, Saylor pointed out that MicroStrategy shares have increased by 937% since August 2020, surpassing BTC’s 435% growth and the S&P 500’s 52% appreciation.
