MicroStrategy Reports $1.3 Billion ‘Bitcoin Gain’ in April, But is It Actual Profit?

MicroStrategy Executive Chairman Michael Saylor announced the company generated a 'Bitcoin Gain' of 17,585 BTC in the first two weeks of April, valued at approximately $1.3 billion. This metric, described as the closest analog to Net Income on the Bitcoin Standard, tracks the net increase in Bitcoin per diluted share, accounting for new purchases minus equity dilution used to fund them. However, this non-GAAP metric contrasts with GAAP accounting, where MicroStrategy reported a $14.46 billion unrealized loss on its Bitcoin holdings for Q1 2026. The company acquired nearly 18,798 BTC during the period, with its total holdings now at about 780,897 BTC. Despite the 'Bitcoin Gain,' the portfolio remains slightly underwater on a cost-basis measure, and the metric focuses on Bitcoin accumulation efficiency rather than cash flow or earnings.

(Source：BeInCrypto)