MicroStrategy, a public-listed business intelligence firm and one of the largest institutional holders of Bitcoin, has released its financial results for the quarter ended 31 March 2021. The company now holds approximately $5 billion worth of BTC.
According to a recent post by Michael J. Saylor, CEO of MicroStrategy, the business intelligence firm has 91,579 Bitcoin. The company raised more than $1 billion in the latest quarter to expand its BTC portfolio.
MicroStrategy posted a 10% jump in revenues during the first three months of 2021 as the total revenues touched $122.9 million. The company mentioned that it is planning to expand its Bitcoin portfolio in the coming years.
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“We continue to be pleased with our Bitcoin strategy. We successfully raised more than $1 billion of additional capital in the quarter to expand our Bitcoin holdings, which now exceed 91,000 BTC. We also hosted a very successful ‘Bitcoin for Corporations’ track at MicroStrategy World where we utilized our thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management. We will continue to acquire and hold additional Bitcoin as we seek to create additional value for shareholders,” Saylor said.
The world’s largest cryptocurrency is already up by more than 80% since the start of this year. Bitcoin touched an all-time high of approximately $64,600 on 14 April but saw a correction recently. The digital asset is now trading near $54,000 with a market cap of $1.02 trillion.
MicroStrategy’s Bitcoin Accumulation
The business intelligence company accelerated its Bitcoin accumulation in 2021 as the firm purchased 19,452 BTC in February 2021 for approximately $1.02 billion in cash at an average price of $52,765 per BTC. Earlier this month, the company bought nearly $15 million worth of Bitcoin to expand its portfolio. Apart from MicroStrategy, Grayscale is one of the largest institutional holders of BTC. The company has more than 650,000 BTC under management with a total value of over $34 billion.