MicroStrategy reveals 10.3% rise in revenue after Bitcoin purchases

SourceYahoo News
SectorEconomy
CountryMiddle east

Oliver KnightMay 1, 2021, 1:43 AM·2 min read

American software and intelligence company MicroStrategy has confirmed a significant increase in revenue in today’s quarterly earnings report, with much of it being attributed to its Bitcoin purchases since December.

According to a press release, total revenues for the first quarter of 2021 were $122.9 million, a 10.3% increase on the first quarter in 2020.

In the first quarter of 2021, MicroStrategy purchased approximately 20,857 Bitcoin for $1.086 billion at an average purchase price of $52,087.

“We continue to be pleased with our bitcoin strategy. We successfully raised more than $1 billion of additional capital in the quarter to expand our bitcoin holdings, which now exceed 91,000 bitcoins.” The press release stated.

“We also hosted a very successful ‘Bitcoin for Corporations’ track at MicroStrategy World™ where we utilised our thought leadership in the cryptocurrency market to show how organisations can incorporate digital assets into their balance sheet management.”

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