Bitcoin (BTC) development company MicroStrategy reported a net loss for the first quarter of 2024 of $53.1 million, or $3.09 per share on Monday.,In its first-quarter earnings report, the software firm reported operating expenses included impairment losses on the company’s digital assets, which stood at $191.6 million during the first quarter of 2024, compared to $18.9 million in the first quarter of 2023. Impairment is an expense that reflects the fact that the value of an asset has dropped below its cost basis.,MicroStrategy reported revenue of $115.2 million, down 5% year-over-year. The firm reported operating expenses for the first quarter of 2024 were $288.9 million, a 152.8% increase compared to the first quarter of 2023.,
The vast majority of the company’s wealth is held in Bitcoin. MicroStrategy’s total Bitcoin holdings now stand at 214,400 at a total cost of $7.54 billion, or $35,180 per Bitcoin, as of April 26, 2024. The firm reported since the end of the fourth quarter 25,250 Bitcoins have been acquired for $1.65 billion, or $65,232 per Bitcoin.,“In the first quarter, we raised over $1.5 billion by executing again on our capital markets strategy including two successful convertible debt offerings. We acquired 25,250 additional Bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more Bitcoin to our balance sheet,” said said Andrew Kang, Chief Financial Officer, MicroStrategy in a press release.,In its earnings report, MicroStrategy acknowledged that the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. played a significant part in the price of Bitcoin price appreciating and has increased institutional demand and resulted in further regulatory clarity.,In March, MicroStrategy executive chairman and co-founder Michael Saylor
said he sees no reason to sell any of his Bitcoin
anytime soon, adding that the approval of a spot Bitcoin ETFs is a rising tide that is going to lift all boats – this phrase is metaphorically associated with the idea that as the market improves this will benefit all participants.,MicroStrategy Bitcoin Holdings in 2024
https://coinniu.com/microstrategy-reports-net-loss-of-53-1m-in-q1-of-2024-and-yearly-revenue-decline-of-5/
