MicroStrategy to Buy More Bitcoins After Q1 2021 Revenue

  • MicroStrategy announced that it will buy more bitcoins after an impressive Q1 2021 results.
  • The firm revealed a gross profit increase of $100.4 million during the said time period.
  • At the time of writing, BTC price is at $57,860.41.

Cryptocurrency investment firm MicroStrategy announced its plan to buy more bitcoins after an impressive revenue in the first quarter of 2021. According to the press release, the firm raised more than $122.9 million, which is a 10.3% increase compared to the same quarter of last year.

CEO Michael Saylor said that they have successfully raised an additional capital of over $1 billion for Bitcoin. Currently, they have exceeded 91,000 BTC in their portfolio.

The firm also reported a gross profit increase of $100.4 million. Also, they bought about 20,857 bitcoins for $1.086 billion during the first three months of this year. This averaged at approximately $52,087 per piece.

Saylor added,

We continue to be pleased with our bitcoin strategy… We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”

Meanwhile, electric car maker Tesla sold about 10% of its BTC. According to CEO Elon Musk, this was to “prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet”. He also said that he did not sell any of his personal BTC.

Despite suffering a major dip in April, Bitcoin is showing strong signs of recovery. From a dip at $47,000 in mid-April, BTC is now trading once more at $57,860.41 at the time of writing, according to CoinGecko.

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