Strategy, the largest corporate holder of bitcoin, reported a $12.77 billion net loss for the first quarter while its bitcoin holdings grew. Chief executive Michael Saylor signaled the company may sell some of its bitcoin to stabilize the market.
Strategy, formerly known as MicroStrategy, posted the loss for the three months ended March 31 after recording a $14.46 billion unrealized decline in the value of its digital assets. Revenue rose 11.9 percent to $124.3 million, but the result was driven by fair-value accounting for bitcoin rather than the company's software business. The firm ended the period with 818,334 bitcoin, a 22 percent increase from the start of the year, with a market value of $64.14 billion as of May 1.
