Business intelligence company MicroStrategy continues to grow its Bitcoin stash, recently purchasing 122 BTC for nearly $8 million. In 2024 alone, the Nasdaq-listed giant purchased over 25,000 BTC of his.
The company, which remains the world's largest corporate holder of Bitcoin, also reported a net loss and a decline in revenue in the first quarter of 2024.
- MicroStrategy revealed in its Q1 2024 financial results that after acquiring 122 BTC in April for $7.8 million, the company took advantage of the selloff to increase its Bitcoin holdings to 214,400.
- While this is a small acquisition compared to previous BTC acquisitions, MicroStrategy remains committed to continuing to grow the Bitcoin pot despite the cryptocurrency's recent price decline.
- Bitcoin set a new 2024 price record of over $73,000 in March, but has since fallen more than 13% and is currently trading at $63,400, according to CoinGecko.
- MicroStrategy has also purchased a total of 25,250 BTC since the end of Q4 2023, most of the proceeds from two successful convertible debt issuances, for $1.65 billion, or an average cost of $65,232 per coin. It was also revealed that
- Meanwhile, the company's current Bitcoin pot of 214,400 bits is valued at approximately $13.6 billion, with an average value of $7.5 billion as of April 26, 2024, and an average price of $35,164, as stated in the report. It was purchased at
- While MicroStrategy continues to increase its BTC holdings, the business intelligence company's Q1 2024 results posted revenue of $115.2 million, down 5.5% compared to the same period in 2023.
- The report also noted that net loss for the first quarter of 2024 was $53.1 million, or $3.01 per share, compared to net income of $461.2 million for the same quarter in 2023. did. This net loss was driven by a $191.6 million digital asset impairment loss. First quarter of 2024.
