The company that owns over 91,000 Bitcoin (BTC), MicroStrategy, has recorded an explosive surge in revenues in Q1 2021. Its latest figures confirm that certain revenue segments boomed by more than 50% in the first quarter compared to the same period last year.
In an April 30 press release, MicroStrategy CEO Michael Saylor announced that the firm’s success had gone far beyond its BTC profits.
Hodling Bitcoin Creates Massive Value: Saylor
MicroStrategy has continued to make headlines for its majorly bullish position on Bitcoin and its future, adding to its reserves irrespective of sentiment or price. Its advocacy appeared to attract new clientele, around nine months after they started converting their cash reserves to bitcoin, sales of its products and services have also boomed. The press release says:
“Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2021.”
The total revenues for Q1 2021 were just more than $122 million, representing a 10.3% increase over the same period in 2021. Saylor commented:
“MicroStrategy’s first quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value.”
He added confidently that the firm was ‘still happy’ with its approach to bitcoin acquisition, adding that it would be acquiring more bitcoins to pile up its already substantial reserves. He concluded:
“We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”
Based on previous reports, the firm’s stock price has experienced volatility in 2021, something that has echoed Bitcoin’s price discovery phase.
Bulls Should Not Be worried About Anything
These numbers are a familiar boon for the BTC bulls, who have been left somehow hanging this week as many rumors of major corporate buy-ins from the likes of social media giant Facebook went unsubstantiated.
That combined with equally known ranging price action has hit massive enthusiasm in some quarters, while the analysts say that there is nothing for the market to be bearish about.
On April 29, one popular trader Michaël van de Poppe summarized to his Twitter followers:
“So far, so good for Bitcoin. Still nothing to worry (about).”
A market chart highlighted resistance starting at $55,000 for the biggest crypto to overcome as altcoins start to accelerate their gains.
At the time of publication, Bitcoin traded at about $56,800, having come full circle in the past 24 hours which included a plunge below $53,000.