MicroStrategy Expands Bitcoin Portfolio Despite Revenue Decline

According to CryptoPotato, MicroStrategy, a business intelligence company, has continued to expand its Bitcoin holdings, recently purchasing an additional 122 BTC for approximately $8 million. This brings the company's total Bitcoin holdings to 214,400. Despite a recent decline in Bitcoin's value, the NASDAQ-listed company remains committed to its Bitcoin investment strategy. In 2024 alone, MicroStrategy has acquired over 25,000 BTC. The company's recent acquisition in April was made at a time when Bitcoin's value was experiencing a dip. Bitcoin reached a record high of over $73,000 in March 2024 but has since declined by more than 13%, currently trading at around $63,400. MicroStrategy's total Bitcoin holdings, valued at approximately $13.6 billion, were purchased for $7.5 billion, at an average price of $35,164 per coin. This includes a total of 25,250 BTC bought since the end of Q4 2023 for $1.65 billion, or at an average cost of $65,232 per coin, largely funded by two successful convertible debt offerings. However, the company's Q1 2024 financial results revealed a 5.5% decrease in revenue, down to $115.2 million compared to the same period in 2023. The report also noted a net loss of $53.1 million in Q1 2024, or $3.01 per share, compared to a net income of $461.2 million in the same quarter in 2023. This net loss was largely due to a digital asset impairment loss of $191.6 million in the first quarter of 2024. Despite these financial setbacks, MicroStrategy remains the world's largest corporate holder of Bitcoin.