MicroStrategy, a major bitcoin holder, said on Thursday that its losses widened to $4.23 billion, or $16.49 per share, from $53.1 million, or 31 cents per share, in the same period last year. Analysts expected a loss of 11 cents per share for the quarter. Revenue fell 3.6% to $111.1 million. Analysts surveyed by FactSet had expected $116.6 million. In April, MicroStrategy said it expected to post a loss in the first quarter and warned of more losses to come as the value of its cryptocurrency holdings fell. The company said at the time that it had not purchased any more bitcoin since the end of the quarter. MicroStrategy raised its full-year target Bitcoin yield goal from 15% to 25%. The company said it achieved a 14% return in the first quarter. The company also announced a $21 billion common stock offering to purchase more Bitcoin.