MicroStrategy Strengthens Bitcoin Holdings With An Additional 122 BTC
MicroStrategy's financial report for the first quarter of 2024, released on April 29, 2024, provides insights into the company's performance.
MicroStrategy, a prominent figure in the Bitcoin space, has expanded its cryptocurrency portfolio with the acquisition of an additional 122 BTC for $7.8 million. Founder Michael Saylor shared the news on Twitter, revealing that MicroStrategy now boasts a substantial holding of 214,400 Bitcoins.
The move comes as part of MicroStrategy's ongoing commitment to Bitcoin development, as highlighted by Phong Le, President and CEO of MicroStrategy. Le stated the company's dedication to Bitcoin through various financial market activities, advocacy efforts, and technology innovation. With an average purchase price of $35,180 per Bitcoin, MicroStrategy's Bitcoin holdings amount to $7.54 billion as of April 26.
MicroStrategy's financial report for the first quarter of 2024, released on April 29, 2024, provides insights into the company's performance. Despite a slight decrease in total revenues compared to the previous year's first quarter, MicroStrategy achieved a gross profit of $85.2 million, representing a commendable 74.0% gross margin. However, the platform faced losses in 2024 Q1, with a net loss of $53.1 million and a loss of $203.7 million from operations.
MicroStrategy's ongoing investment in Bitcoin alongside its operational activities, positioning the company as a significant player in both the cryptocurrency and traditional finance sectors.
