MicroStrategy has reaffirmed its commitment to Bitcoin, bolstering its holdings by 122 BTC in April, as outlined in the company’s latest quarterly report. This move pushes its total cryptocurrency reserves to 214,400 BTC, valued at approximately $13.5 billion.
Former MicroStrategy Managing Director, Michael Saylor, revealed the acquisition in a post on April 29th, highlighting the company’s continuous accumulation, which has increased by 25,250 BTC since the conclusion of Q4 2023. The average purchase price for the latest acquisition stood at $35,180 per BTC.
CEO Phong Le emphasized MicroStrategy’s dedication to Bitcoin network development, noting the company’s sustained growth in subscription services revenues and billings during the first quarter. Despite a robust 22% year-over-year increase in subscription services revenues to $23 million, overall Q1 revenues experienced a slight decline to $115.2 million, marking a 5.5% decrease compared to Q1 2023. Operating expenses surged to $288.9 million, representing a significant 152.8% increase year-over-year.
Following the announcement, MicroStrategy’s share price (MSTR) saw a modest 0.8% uptick, reaching $1,292 according to data from Google Finance. Concurrently, Bitcoin is trading at around $63,250, according to CoinMarketCap.
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