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IT company MicroStrategy, the largest investor in Bitcoin, reported a loss of $53.1 million for the first quarter of 2024, partly due to $191.6 million in write-offs of losses on Bitcoin.

Notable because Bitcoin's share price has risen sharply in recent months. Some of this is due to U.S. accounting rules that state that price gains may only be taken with sales.

This Bitcoins that Microstrategy holds are therefore worth $5.07 billion on paper, rather than the actual value of $15.2 billion.

Recently, MicroStrategy added another $7.8 million worth of Bitcoin, which means MicroStrategy now owns a total of 214,400 Bitcoin.

MicroStrategy's revenue also fell another 5.5 percent from the first quarter of 2023 to $115.2 million.

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