Bitcoin behemoth MicroStrategy Inc. has announced its first financial quarterly report of 2021, informing that it had one of the strongest performing quarters in years. The financial report even emphasized the benefits of its ongoing Bitcoin standard, first adopted on August 11, 2020.
MicroStrategy Releases Q1 2021 Report
In its latest Q1 2021 earnings report, MicroStrategy has reported earnings of $122.9 million, a 10.3% increase in the first quarter this year, compared to last year’s period.
MicroStrategy reported its first quarterly revenue of $122.9 million, a 10.3% increase, or a 7.6% increase on a non-Generally Accepted Accounting Principles (GAAP) constant currency basis in comparison to the first quarter of 2020, with a gross profit of $100.4 million.
Meanwhile, gross margins for the company came in at 81.7% compared to a gross margin of 78% in the first quarter of 2020.
In its announcement release, MicroStrategy CEO, Michael Saylor, said:
“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. We had one of our strongest operational quarters in our software business in years, highlighted by 10% revenue growth and continued improvement in non-GAAP profitability. We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders”
Growth in Revenue Since Adopting the Bitcoin Standard
The publicly-listed firm has been acquiring large amounts of Bitcoin for its main treasury reserve since August 2020. And it seems like the stock price of MicroStrategy has benefited from the firm’s cryptocurrency allocation, having risen to 405% since the start of the Bitcoin treasury program and 69% since the beginning of 2021.
As of April 28, 2021, MicroStrategy is currently holding approximately 91,579 BTC, having added 253 bitcoin over the course of the second quarter.