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 xxx, CEO Michael Saylor revealed that the company'due south 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 advancement has seemed to endear it to a new sector of clientele — nine months later beginning to convert its cash reserves to BTC, sales of its products and services accept also boomed.

"Product licenses and subscription services revenues for the start quarter of 2021 were $31.3 million, a 52.3% increase, or a 49.8% increment on a not-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 ten.3% increase over the same menstruation in 2020.

"MicroStrategy's kickoff quarter results were a clear example that our 2-pronged corporate strategy to abound our enterprise analytics software concern 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 larn and agree additional bitcoin as we seek to create additional value for shareholders," he ended.

BTC (orange) vs. MSTR (blue). Source: Tradingview

As Cointelegraph reported, the company's stock price has experienced volatility this yr, something which has echoed Bitcoin'south own price discovery.

Bulls have "aught to worry almost"

The numbers are a familiar boon for Bitcoin bulls, who take been left hanging this week as rumors of major corporate purchase-ins from the likes of Facebook went unsubstantiated.

This combined with equally familiar ranging price activeness has hit enthusiasm in some quarters, while analysts contend that there is cipher to exist bearish well-nigh.

"Then far, and then good for Bitcoin. Still cipher to worry (well-nigh)," popular trader Michaël van de Poppe summarized to Twitter followers on Th.

An accompanying nautical chart highlighted resistance kickoff at $55,000 for the largest cryptocurrency to overcome as altcoins began to accelerate their ain gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

At the time of writing, BTC/USD traded at effectually $54,700, having come full circumvolve over the by 24 hours which included a drop below $53,000.