MicroStrategy continues stacking Bitcoin with $1.65 billion purchase during Q1

MicroStrategy, a business analytics firm, has revealed in its first-quarter earnings report that it purchased approximately 25,250 BTC for $1.65 billion during the first three months of the year. These latest acquisitions bring MicroStrategy’s total Bitcoin holdings to 214,400 BTC, equivalent to about 1% of the total Bitcoin supply. The company reported an overall decrease in revenue but remained steadfast in its commitment to investing in Bitcoin. Despite the financial pressures, MicroStrategy remains optimistic about its operational strategy and the integration of its software platforms into cloud services. The recent approval of spot Bitcoin exchange-traded products has also boosted its outlook, indicating a potential increase in institutional demand for cryptocurrencies. MicroStrategy’s CFO, Andrew Kang, highlighted that this marked the 14th consecutive quarter in which the company added Bitcoin to its balance sheet. Furthermore, MicroStrategy’s executive chairman, Michael Saylor, continues to promote the company’s Bitcoin acquisition initiative as a profitable investment opportunity, emphasizing the significant growth of the company’s stock since adopting its Bitcoin strategy in August 2020.