MicroStrategy, the Bitcoin development firm, has announced its Q1 report for 2024, reporting a net loss of $53.1 million. However, the firm remained steadfast in its approach to continuing its strategy of buying Bitcoins. Michael Saylor, in a post on X, tweeted about MicroStrategy spending $7.8 million to acquire an additional 122 BTC and holding 214,400 Bitcoins. 

According to the first quarter report, the firm recorded a net loss of $191.6 million due to impairment losses. This figure was ten times higher than the first quarter of 2023 when the firm lost $18.9 million. The firm’s revenue was $115.2 million, 5.5% less than the prior year’s record.

Despite the firm supporting the new accounting standards in May 2023, it didn’t adapt to the amendments made by the Financial Accounting Standards Board (FASB). The amendment mandates fair value reporting of digital assets after December 15, 2024. If adopted, it would have taken into account the 65% increase in Bitcoin’s market value during the first quarter.

Currently, MicroStrategy holds 214,400, which is bought at an average price of $35,180 and is worth $13.5 billion. Andrew Kang, MicroStrategy’s Chief Financial Officer, said that in the first quarter of 2024, they bought 25,250 Bitcoins using the $1.5 billion raised through two convertible debt offerings. This addition of BTC makes it the 14th consecutive quarter of adding Bitcoins to its balance sheet.

In the first quarter, we raised over $1.5 billion by executing again on our capital markets strategy including two successful convertible debt offerings. We acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoin to our balance sheet.

During an interview with Bloomberg’s Katie Gerifeld in March, Michael Saylor said that there is no reason to sell any of the his Bitcoin anytime soon. And the approval of spot Bitcoin ETF is a rising tide that is going to lift all boats.