MicroStrategy reported a net operating loss of $53.1 million, or $3.09 per share, in the first quarter after taking a digital asset impairment charge of $191.6 million.
MicroStrategy at quarter's end valued its bitcoin holdings at a price of $23,680 each, or $5.1 billion, rather than March's closing price of $71,028, or $15.2 billion.
The company has acquired 25,250 bitcoins for $1.65 billion so far in 2024, with an average price of $65,232 each.
Shares are lower by 3.3% in after-hours trading following the earnings report.
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