91. It turned out that MicroStrategy, with more than 000 Bitcoins (BTC), experienced a surprising increase in revenues in the first quarter. In a press release on April 30, CEO Michael Saylor explained that the company’s success has gone far beyond Bitcoin profits.
Saylor: Holding Bitcoin in our hands creates “substantial value”
MicroStrategy continued to come up with bullish comments about Bitcoin and its future, and continued to add BTC to its treasury, without being affected by the general sentiment in the market, the price.
His advocacy seemed to have endeared the company to a new industry. Nine months after they started to convert their cash reserves to BTC, the sales of the product and service line also increased.
The press release states that “product licenses and subscription services serial revenues increased by 52.3% for the first quarter of 2021 compared to the first quarter of 2020.”
Total revenues in the first quarter were just over $ 122 million, representing an increase of 10.3% over the same period in 2020.
Saylor, “MicroStrategy’s first quarter results were a clear example of how our two-way corporate strategy, such as growing our enterprise analytics software business and buying and holding Bitcoin, creates significant shareholder value,” Saylor said.
He added that the company is “still satisfied” with its BTC acquisition approach and will already contribute substantially to its reserves.
We will continue to buy and hold additional Bitcoins while trying to create additional value for shareholders.
As we previously reported as , the company’s stock price has fluctuated this year, something that reflects Bitcoin’s own price discovery.