MicroStrategy (NASDAQ: MSTR) faced a tough day on Tuesday as it reported its latest earnings amidst a decline in its most valuable asset, Bitcoin (CRYPTO: BTC). The company, known for being the largest corporate holder of Bitcoin, saw its share price drop by almost 18% as the leading cryptocurrency experienced several days of decline.
In addition to the Bitcoin blues, MicroStrategy also posted disappointing financial results for the first quarter. Revenue came in at just over $115 million, down from the previous quarter’s result of nearly $122 million, and falling short of the average analyst estimate of $121.7 million. The company also reported a non-GAAP net loss of almost $186 million, a significant increase from the year-ago loss of under $3 million.
Despite the challenging financial results, MicroStrategy continues to add to its Bitcoin holdings. The company now holds a total of 214,400 Bitcoins, for which it paid $7.54 billion, at an average price of $35,180 per Bitcoin. During the quarter, MicroStrategy acquired 25,250 Bitcoins at an average price of $65,232, higher than the current level following the recent decline in Bitcoin’s price.
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