MicroStrategy (NASDAQ: MSTR) reported a sharp rise in revenue as the CEO announced that the company expects to buy more. Bitcoin (CRYPTO: BTC), but still able to sell part of it in the future.
What happened: Financial performance of MicroStrategy The first quarter of this year showed a 10.3% increase in gross revenue, bringing them $ 122.9 million, while the company’s product licenses and subscription revenue rose 52.3% to $ 31.3 million.
The company’s CEO, Michael Saylor, said the company plans to continue to accumulate Bitcoin.
“We remain pleased with our bitcoin strategy, we successfully raised more than $ 1billion this quarter to expand our Bitcoin holdings, which now have more than 91,000 Bitcoins. […] We will continue to acquire and hold more bitcoin as we strive to create more shareholder value, ”the report said.
Later in the announcement MicroStrategy Agree that they may consider selling at least part of their significant BTC holdings for profit.
Why is this important: Tesla Elon Musk, CEO of (NASDAQ: TSLA), revealed that the automaker sells 10 percent of its Bitcoin holdings to prove liquidity as an alternative to holding cash on the balance sheet.
No, you can’t, I’m not selling my Bitcoin at all.Tesla sells 10% of its holdings to prove Bitcoin liquidity as an alternative to holding cash on the balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
See also: Largest Crypto Exchange Binance Adds Apple, Microsoft, MicroStrategy Stock Token
The electric car maker’s recently released first-quarter earnings report shows that the company sold $ 272 million worth of Bitcoin, with “Positive impact” of $ 101 million on corporate profitability Tesla invested $ 1.5 billion off its balance sheet in Bitcoin in early February.
Price action: Share MicroStrategy It traded 1.99% higher at $ 668.06 at the time of the press release.
Tesla shares were trading at $ 706, up 4.28 percent.
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