MicroStrategy plans to continue investing in bitcoin

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MicroStrategy has released financial statements for the first quarter of 2021. MicroStrategy is known as the largest Bitcoin investor among public companies, but its success in the last segment is not limited to the rise in the cryptocurrency rate.

 

“Revenue from licensing products and subscription services in the first quarter of 2021 was $ 31.3 million, an increase of 52.3% over the first quarter of 2020,” the press release said.

 

The company’s total revenue was $ 122 million, up 10.3% from the same period last year.

 

“MicroStrategy’s Q1 results clearly show that our corporate strategy of two pillars — growing our enterprise analytics software business and acquiring bitcoin — is delivering significant shareholder value,” said MicroStrategy CEO Michael Saylor.

 

He also noted that the company is satisfied with the decision to purchase over 91 thousand bitcoins and will continue to increase its position in the cryptocurrency over time.

 

“We will continue to acquire additional bitcoins in an effort to bring additional value to shareholders,” he added.

 

At the same time, the company admits that it can both increase investments in bitcoin and liquidate part of the cryptocurrency. MicroStrategy (NASDAQ: MSTR) shares climbed 2% to $ 670 after the markets opened. Previously, MicroStrategy shares were added to the Binance cryptocurrency exchange.

Bank BNY Mellon noted in its own financial statements on Wednesday that the performance of one of its funds suffered from the decision not to buy MicroStrategy shares:

 

“The fund’s performance was hit by the decision not to hold MicroStrategy, which rallied after the company announced it was buying bitcoin.”

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