MicroStrategy, a business intelligence and analytics software platform, is known for its continuous efforts to collect more and more Bitcoins<\/a>. Over the years, the company has collected Bitcoin worth billions and swore to continue doing it for a long time.<\/p>\n Recently, the company has revealed a loss of $53 Million, but the determination of Bitcoin collection stands correct. So, why MicroStrategy is buying Bitcoin? Let us discuss that in this blog.<\/p>\n <\/p>\n In Monday\u2019s press reports<\/a>, MicroStrategy mentioned a net operating loss of $3.09 per share, which comes to a total of $53 Million in losses. The announcements mentioned the main cause behind this loss to be the digital asset impairment charge, which is $191.6 million. The financial reports also revealed a total revenue of $115.2 million, which is low by 5% year-over-year.<\/p>\n The company had refused to implement the new digital asset fair value accounting standard<\/a>, which would have highlighted the profit because of the Bitcoin price rally<\/a> in the first quarter of 2024. For the calculations, MicroStrategy had used previous accounting standards, which attribute the Bitcoin price to be at $23,680, bringing the total to 5.1 billion instead of the March closing value of $71,028, which could have made the total MicroStrategy Bitcoin holding worth $15.2 billion.<\/p>\n However, the MicroStrategy CFO, Andrew Kang<\/a>, has revealed that the company will adopt the new digital asset fair value accounting rule soon. He believes the current time is the best time to start following the new strategy. However, it is a little earlier than the Financial Financial Accounting Standards Board (FASB)<\/a> implementation of the new plan, which is supposed to be implemented in January 2025, early adoption is also feasible.<\/p>\n <\/p>\n Even after seeing a decline in Bitcoin, MicroStrategy has continued to collect Bitcoins. MicroStrategy now holds 214,400 BTC, out of which 122 BTC tokens have been added in this April month only. Those 214,400 BTC are now worth $13.58 Billion as per the current Bitcoin price<\/a> of $63,355. In total, MicroStrategy has acquired 25,250 Bitcoin this year for $1.65 Billion, where the average buying price was around $65.232.<\/p>\n Also Read: 3 Small Cap Altcoins To Return 3X In Profit Soon<\/a><\/p>\n MicroStrategy has been collecting Bitcoin for almost four years now, as the company started purchasing Bitcoins in August 2020. Initially, the crypto buying was a move to deal with inflation hedge and HODL<\/a> assets instead of cash. But with time, the company became more focused on Bitcoin investing as the MicroStrategy CEO, Michael Saylor<\/a>, became the advocate for Bitcoin, where he spoke about Bitcoin and its superiority in finances over various events.<\/p>\n <\/p>\n Up to now, the company has invested more than $7 Billion to collect BTCs over the years in an attempt to diversify their investment options and bring long-term profits.<\/p>\n As of today, MicroStrategy\u2019s $7 Billion investment has turned into $13.58 Billion, and in case the upcoming bull run pushes the Bitcoin price to $100K as the analysts predicted, the gained profit on these BTC will be unimaginable.<\/p>\n Read More 4 Must-Have Meme Coins For 100X Gains Before Market Recovers<\/a><\/p>\n <\/p>\nWhy MicroStrategy Is Still Buying Bitcoin?<\/h3>\n
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