Strategy, despite poor Q1 performance... "Plans to buy $21 billion more in Bitcoin"

Strategy (formerly MicroStrategy) reported lower-than-expected earnings for the first quarter due to the decline in Bitcoin (BTC). Separately, Strategy plans to launch a new stock offering worth $21 billion.

On the 1st (local time), according to the cryptocurrency-focused media outlet CoinDesk, Strategy announced its first-quarter results.

According to Strategy's announcement, the company recorded a net loss of $4.2 billion and a loss of $16.49 per share in the first quarter. This is significantly below analysts' expectations of $0.11 per share.

During the same period, Strategy's total software revenue was $111 million, a 3.6% decrease compared to the same period last year, falling about 5% below consensus. However, subscription service revenue increased to $37.1 million from $23 million the previous year.

At the end of the first quarter, Strategy's Bitcoin holdings were counted at 528,185. Currently, it stands at 553,555.

The main reason for Strategy's poor performance is attributed to the stagnant Bitcoin price in the first quarter.

Meanwhile, on the same day, Strategy announced plans for an at-the-market (ATM) stock offering worth $21 billion along with its earnings report.