MicroStrategy reported a $53.1 million loss in the first quarter of 2024. Despite the loss, the company continued to acquire more Bitcoin in April.
The loss was primarily due to a $191.6 million digital asset impairment charge, which was ten times higher than the previous year.
Revenue also decreased by 5.5% compared to the same period in 2023, totaling $115.2 million, according to the first quarter results filing.
Although the value of Bitcoin increased by 65% during the quarter, MicroStrategy has not yet adopted the new digital asset fair value accounting standard, which was introduced in May 2023.
According to this standard, the company would have recorded a carrying value of $15.2 billion for its Bitcoin holdings, instead of the $5.07 million using the traditional accounting method.
