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.”
“We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”
MicroStrategy CEO Michael Saylor has become a cult figure of the cryptocurrency industry following a number of bizarre tweets and comments on the demise of the US Dollar.
He launched a series of scathing remarks at journalist Laura Shin after she asked Saylor if MicroStrategy would sell their Bitcoin holdings during the inevitable bear market.
MicroStrategy’s share price remains 49% down from its peak of $1,316 in early February. It is however 468% up from this time last year.
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