MicroStrategy reports revenue slump in Q1 as Bitcoin slumbers

The world’s largest corporate holder of Bitcoin, MicroStrategy Inc, has reported a 2.9% year-on-year decrease as it reaped a total revenue of US$119.3 million.

As of March 31, MicroStrategy’s 129,218 BTC under management had a carrying value of US$2.896 billion and a total market value of US$5.893 billion.

That represented a cumulative impairment loss of US$1.071 billion.

At the time of the report, MicroStrategy’s Bitcoin had an average cost of approximately US$30,700 and a market price of US$45,602.79.

Bitcoin’s price has fallen roughly 17% from that time, however, meaning the current total market value would be much lower, at roughly US$4.878 billion at press time.

MicroStrategy added 4,167 BTC in its latest cryptocurrency shopping spree between February and April, using a loan against its existing Bitcoin holdings.