MicroStrategy released its much-anticipated financial results for the first quarter of 2021 after a number of bitcoin investments during the period.

According to the announcement, the company’s total revenues for the first quarter of 2021 were $122.9 million. Compared to the first quarter of 2020, this is a 10.3% increase. Additionally, its gross profit amounted to $100.4 million. This represents a gross margin of 81.7%, a boost from its gross margin of 78% in Q1 2020.

As part of MicroStrategy’s well-publicized bitcoin acquisition strategy, the company acquired 20,857 bitcoins during the first quarter of 2021. The company purchased them for a total of $1.086 billion, at an average purchase price of $52,087 per BTC. 

“MicroStrategy’s first-quarter results were a clear example [of] our two-pronged corporate strategy,” the release stated. “To grow our enterprise analytics software business and acquire and hold bitcoin [which] is generating substantial shareholder value.”

MicroStrategy’s bitcoin strategy

In the announcement, CEO Michael Saylor spoke about the company’s approach to bitcoin. “We continue to be pleased with our bitcoin strategy,” he began. Saylor elaborated, claiming that the company raised over $1 billion in additional capital during the first quarter. It used this money to expand its holdings. 

According to a tweet from Saylor in which he shared the financial results, the company currently holds 91,579 BTC. At its current price, that amounts to over $5 billion. MicroStrategy most recently acquired 253 BTC for $15 million in cash on April 5.

Saylor also highlighted successfully hosting ‘Bitcoin for Corporations’ during the first quarter on Feb. 3-4. The event took place during the company’s annual MicroStrategy World conference. Some 8,197 attendees from 6,917 different enterprises attended the event, where the company “utilized [its] thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management.” 

Saylor concluded by remarking, “we will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.” MicroStrategy first purchased bitcoin for $250 million on Aug. 11, 2020. The next day its stock jumped from $123 to $141. Its price has subsequently increased by over 430% since then.