MicroStrategy Reports $1.3B Bitcoin Gain, Preferred Stock Liquidity Doubles Before Ex-Dividend
MicroStrategy’s non-GAAP BTC Gain metric rose by 17,585 BTC in early April, valued at about $1.3 billion, lifting quarter-to-date yield to 2.3% and year-to-date yield to 5.6% on 37,339 BTC. Meanwhile, the preferred stock’s liquidity has doubled monthly into the April 15 ex-dividend date, potentially compressing near-term Bitcoin buying pressure.
1. Non-GAAP Bitcoin Gain Metric
MicroStrategy reported a net increase of 17,585 BTC Gain in early April, valued at approximately $1.3 billion, driving quarter-to-date yield to 2.3% and year-to-date yield to 5.6% on 37,339 BTC accumulated per diluted share.
2. GAAP Unrealized Losses
Under fair-value accounting, the company recorded a $14.46 billion unrealized loss on its Bitcoin holdings in Q1, missing estimates and highlighting the divergence between the BTC Gain metric and GAAP net income.
3. Preferred Stock Liquidity and Ex-Dividend Dynamics
Liquidity in the preferred stock has doubled every month leading into the April 15 ex-dividend date, when holders become eligible for an 11.5% dividend, and at-the-market offerings funded the acquisition of roughly 18,798 BTC in early April.
4. Potential Impact on Bitcoin Demand
Historical data shows Bitcoin retreated 4.3%, 6.5% and 11.6% in the two weeks following prior ex-dividend dates, suggesting some buying pressure may have been pulled forward and could create a near-term vacuum once dividend-driven flows subside.