MicroStrategy, the company that owns more than 91,000 Bitcoin (BTC), saw an astonishing increase in revenue in the first quarter, its latest figures confirm.
In an April 30 press release, CEO Michael Saylor revealed that the company’s success has gone far beyond its Bitcoin profits.
Saylor: Hodling BTC Creates “Substantial Value”
MicroStrategy continued to grab the headlines for its decidedly bullish stance on Bitcoin and its future, adding to its caveats regardless of sentiment or price.
His advocacy seemed to attract him to a new customer base – nine months after he started converting his cash reserves into BTC, sales of his products and services have also exploded.
“Revenue from product licensing and subscription services for the first quarter of 2021 was $ 31.3 million, an increase of 52.3%, or an increase of 49.8% at exchange rate constant non-GAAP, compared to the first quarter of 2020, “the press release said.
Total first quarter revenue was just over $ 122 million, an increase of 10.3% from the same period in 2020.
“MicroStrategy’s first quarter results are a clear example that our two-pronged business strategy to grow our business analytics software business and acquire and hold bitcoin is delivering substantial shareholder value,” commented Saylor.
He said the company was “still happy” with its approach to acquiring BTC, adding that it would add to its already substantial reserves.
“We will continue to acquire and hold additional bitcoin as we seek to create additional shareholder value,” he concluded.
As UKTN reported, the company’s stock price has experienced volatility this year, echoing Bitcoin’s own price discovery.
Bulls have “nothing to fear”
The numbers are a familiar boon for Bitcoin bulls, which were left hanging this week as rumors of major buyouts by companies like Facebook were unfounded.
That, combined with an equally familiar price move, has generated excitement in some quarters, while analysts say there is nothing wrong with it.
“So far, all is well for Bitcoin. Still nothing to worry about”, popular trader Michaël van de Poppe abstract to Twitter followers on Thursday.
An accompanying chart highlighted resistance from $ 55,000 for the largest cryptocurrency to overcome as altcoins began to accelerate their own gains.
At the time of writing this article, BTC / USD was trading at around $ 54,700, having come full circle in the past 24 hours, which included a drop below $ 53,000.