- MicroStrategy acquires an additional 122 BTC for $7.8 million and currently holds 214,400 Bitcoins.
- The platform has accumulated 25,250 Bitcoins for $1.65 billion since the last quarter of 2023.
- The financial report of 2024 Q1 states that the company boasts a gross profit of $85.2 million in the quarter, representing a 74.0% gross margin.
In a recent move, self-described Bitcoin development company MicroStrategy (MSTR) has accumulated an additional 122 BTC for $7.8 million. According to a recent X post shared by Founder Michael Saylor, MicroStrategy now holds a total of 214,400 Bitcoins.
MicroStrategy released its financial report for the first quarter of 2024 on April 29, 2024. Reportedly, the company’s 214,400 Bitcoin holdings amount to a total of $7.54 billion, or $35,180 per Bitcoin, as of April 26. Since the last quarter of 2023, MicroStrategy has acquired 25,250 Bitcoins for $1.65 billion, or $65,232 per Bitcoin.
Phong Le, President and Chief Executive Officer, MicroStrategy asserted that the firm is committed to the development of Bitcoin through their “activities in the financial markets, advocacy and technology innovation.” He added,
“It is through our unique bitcoin strategy and solid track record as an operating company that we now hold 214,400 bitcoins at an average purchase price of $35,180 per bitcoin.”
As per the report, MicroStrategy earned a gross profit of $85.2 million in the first quarter, representing a 74.0% gross margin. In 2023 Q1, the company saw a gross profit of $94.0 million, representing a gross margin of 77.1%.
Further, the report delved into the company’s revenues, pointing out that the total revenues for Q1, at $115.2 million, marked a 5.5% decrease from last year’s Q1. Product licenses and subscription services revenues ($35.9 million) and product support revenues ($62.7 million) for the quarter also saw declines of 0.9% and 4.3%, respectively.
Moreover, MicroStrategy shared insights on the losses faced by the platform in 2024 Q1. The net loss for the first quarter was $53.1 million, which marks $3.09 per share on a diluted basis. The company lost $203.7 million from operations in 2024 Q1, while its loss in 2023 Q1 was $20.3 million.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
