MicroStrategy, a big player in software, has pumped a hefty $1.5 billion into buying more bitcoins in the first part of this year. Now, they’ve got a whopping 214,400 bitcoins, worth around $13.6 billion.
MicroStrategy really believes in Bitcoin. They see it as a big part of their plan. With almost 1% of all the bitcoins out there, they’re making a strong statement in the digital money world.
The software firm experienced an increase in revenue from subscription services during the first quarter, achieving double-digit growth as it transitioned its operations to the cloud, it said in a statement. However, despite these gains, the company disclosed a net operating loss of $53.1 million in a press release issued on Monday. This loss was primarily attributed to a digital asset impairment charge totaling $191.6 million.
Experts at Canaccord Genuity have changed their price guess for MicroStrategy from $1,810 to $1,590, but they still think it’s a good idea to buy. MicroStrategy’s stock went down by 2.5% after this news, showing that not everyone is sure about their Bitcoin-heavy approach.
There’s a worry among some experts that MicroStrategy’s stock is worth much more than the bitcoins they have, which could be a problem later on. But for now, MicroStrategy’s Bitcoin stash is seen as a rare and valuable asset for people who want to get into Bitcoin without directly buying it.
Looking ahead, things are looking good for Bitcoin. Approvals for Bitcoin trading in big financial markets and the recent halving event have made Bitcoin even more attractive. MicroStrategy’s bold move into Bitcoin shows they’re serious about being a big part of the future of digital money.
