Financial intelligence firm MicroStrategy has deepened its losses in the first quarter after facing a $170.1m impairment charge linked to its Bitcoin holdings.

The company revealed that, in the first three months of the year, net losses widened from $112m to $133m while revenue dipped by three per cent, falling from $123m to $119m.

Over the quarter MicroStrategy, which is led by Bitcoin advocate Michael Saylor, snapped up 4,827 new Bitcoins adding to a stockpile of 129,200 BTC (£4bn).

"We continued to see strong results across both of our corporate strategies in the first quarter of 2022," said Saylor.

"We also furthered our position as the leading public company investor in bitcoin through the issuance of our first bitcoinbacked term loan... Today, MicroStrategy is the world's largest publicly traded corporate owner of Bitcoin."

(c) 2022 City A.M., source Newspaper