New figures show certain revenue sectors boomed by over 50% in Q1 2021 compared to the same quarter last year.
MicroStrategy, the company which owns over 91,000 Bitcoin (BTC), saw an astounding surge in revenues in Q1, its latest figures confirm.
In a press release on April 30, CEO Michael Saylor revealed that the company's success had gone far beyond its Bitcoin profits.
Saylor: Hodling BTC creates "substantial value"
MicroStrategy has continued to hit the headlines for its flatly bullish position on Bitcoin and its future, adding to its reserves regardless of sentiment or price.
Its advocacy has seemed to endear it to a new sector of clientele — nine months after beginning to convert its cash reserves to BTC, sales of its products and services have also boomed.
"Product licenses and subscription services revenues for the first quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increase on a non-GAAP constant currency basis, compared to the first quarter of 2020," the press release states.
Total revenues for Q1 were just over $122 million, representing a 10.3% increase over the same period in 2020.
"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," Saylor commented.
He said that the company was "still happy" with its approach to BTC acquisition, adding that it would be adding to its already substantial reserves.
"We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders," he concluded.
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