MicroStrategy reported an operating loss of $53.1 million for the first quarter of 2024 after holding back on the devaluation of digital assets worth $191.6 million. The company did not adopt the new fair value accounting standard for digital assets.
However, Vitanza noted at the MicroStrategy World 2024 forum in Las Vegas that customers have given positive feedback on the company’s legacy software development business.
The company’s shares have risen by 89% since the beginning of the year and have significant growth potential due to two main catalysts. The deadline for filing Form 13-F with the Securities and Exchange Commission is set for May 15.
If more firms acquire recently approved spot Bitcoin exchange-traded funds in the first quarter, it will indicate further institutional recognition of BTC.
Vitanza said that another positive event for Bitcoin and MicroStrategy would be the likely rejection of an Ethereum ETF by the SEC. This is significant as the fate of Ethereum may remain uncertain until 2025.