MicroStrategy suffers a revenue decline in the first quarter due to a drop in the price of bitcoin

Despite being the world’s biggest corporate Bitcoin holder, MicroStrategy Inc. reported a drop in sales of 2.9 percent year-over-year to $119.3 million in Q1.

With 129,218 BTC under management on March 31, MicroStrategy’s entire market value was US$5.893, which represents a cumulative impairment loss of US$1.071 billion, according to the company.

When this article was published in March of 2016, MicroStrategy’s Bitcoin was trading at a market value of around US$45,602.79.

At press time, the overall market value of Bitcoin was around US$4.878 billion, a decrease of almost 17% from when it peaked in early 2017.

After-hours, MicroStrategy (MSTR) was down 0.70 percent, as of this writing, on the Nasdaq. MicroStrategy used a loan against its current Bitcoin holdings to buy 4,167 BTC in its latest cryptocurrency buying binge between February and April.

Also Read: A Virginia county is considering crypto yield farming as a means of funding its pension system