MicroStrategy, the top corporate holder of Bitcoin, disclosed a net loss of $53.1 million in the first quarter of 2024. Despite the loss, the company continued to add more Bitcoin to its portfolio in April.

Within the quarter, MicroStrategy recorded a $191.6 million digital asset impairment loss, significantly higher than the previous year. Revenue also decreased by 5.5% compared to the same period in 2023, totaling $115.2 million based on the company's Q1 financial results submission.

Although the company did not adopt the new digital asset fair value accounting standard, it overlooked the 65% surge in Bitcoin's market value during the quarter. Consequently, MicroStrategy valued its Bitcoin holdings at $5.07 million instead of $15.2 billion using the traditional accounting method.

Despite supporting the new accounting standard proposed to the Financial Accounting Standards board in 2023, MicroStrategy is yet to implement it. Nonetheless, the company acquired an additional 122 Bitcoins for $7.8 million in April.

MicroStrategy currently holds 214,400 Bitcoins valued at $13.5 billion, purchased at an average price of $35,180. The company raised $1.5 billion through debt offerings to acquire more Bitcoin in the first quarter, marking its 14th consecutive quarter of increasing its Bitcoin holdings.

The announcement caused a 3.3% decline in MicroStrategy's stock during after-hours trading. Bitcoin's substantial price increase led to a significant rally in MicroStrategy's value during the first quarter.

However, the stock price has since dropped to $1,292, following the post-quarter decline.