MicroStrategy saw decent revenue growth in the first quarter of this year. CEO Michael Saylor announced this in a press release, published on April 29.
MicroStrategy made a lot of name recognition last year with its largest investments in bitcoin (BTC). The company has now bought more than 91,000 BTC since last summer. The bitcoins are now worth more than $ 5 billion.
This ensures that the company sees an influx of new customers for the products and subscriptions of the business intelligence company. MicroStrategy reports in the press release that revenue from product licensing and subscription services increased by more than 50% in the first quarter of 2021 to $ 31.3 million.
Total revenues for the first quarter were just over $ 122 million, up 10.3% from the same period in 2020. Furthermore, Saylor says MicroStrategy wants to buy even more bitcoin:
“We remain happy with our bitcoin strategy. We will continue to acquire and hold additional bitcoin as we seek to create additional shareholder value. ”
The price of MicroStrategy (MSTR) stock rose to a peak of $ 1,270 in February after a 1,000% rise since the company first bought bitcoin. At the time of writing, the MSTR price is around $ 657.
Yesterday, it was revealed that BNY Mellon, the world’s largest custodian, regrets that it had not bought shares from MicroStrategy, causing a fund of the bank to underperform.