MicroStrategy Reports Net Loss in Q1 2024, Holds 214,400 BTC
MicroStrategy, a leading Bitcoin development company, reported a net loss of $53.1 million in the first quarter of 2024. The company’s earnings report highlighted operating expenses, including significant impairment losses on digital assets, totaling $191.6 million. Despite this loss, MicroStrategy reported revenue of $115.2 million, down 5% year-over-year.
The company’s Bitcoin holdings are a significant part of its wealth, with a total of 214,400 Bitcoins valued at $7.54 billion. MicroStrategy has been actively acquiring more Bitcoins, with 25,250 added in the first quarter of 2024. The company’s CFO, Andrew Kang, emphasized the success of their capital markets strategy and the continued accumulation of Bitcoin on their balance sheet.
MicroStrategy also acknowledged the impact of the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on the price of Bitcoin and institutional demand. Executive chairman Michael Saylor expressed confidence in holding onto their Bitcoin investments, citing the positive impact of ETF approval on the market.
Overall, MicroStrategy’s financial results reflect the company’s ongoing commitment to Bitcoin investment and its strategic approach to capital management in the evolving cryptocurrency landscape.
