Microstrategy continued to spend money on bitcoin within the prior quarter, as mirrored within the firm’s Could 1 monetary outcomes.
Phong Le, President and CEO of MicroStrategy, mentioned
“Conviction in our bitcoin technique stays sturdy because the digital asset setting continues to mature.”
Microstrategy mentioned that within the first quarter of 2023, it bought 7,500 BTC so as to add to its stability sheet. This quantity is price $209 million at present market charges.
This buy introduced Microstrategy’s whole bitcoin holdings to 140,000 BTC. Though the present market worth of this whole is $3.9 billion, Microstrategy famous that the e-book worth of the quantity is $2.0 billion resulting from collected impairment losses.
Microstrategy Government Chairman Michael Saylor additionally featured on Twitter that his firm’s Bitcoin technique had outperformed shares, indices, and even Bitcoin itself.
Microstrategy additionally mentioned it paid $161 million to Silvergate Financial institution to completely and voluntarily repay a $205 million Bitcoin-backed mortgage. Consequently, Silvergate launched 34,619 BTC collateral to Microstrategy. Silvergate Financial institution collapsed in March and Microstrategy mentioned at the moment it had no different publicity to the financial institution exterior of that mortgage.
Exterior of Bitcoin, Microstrategy mentioned its whole income for the primary quarter of 2023 was $121.9 million, a rise of two.2% from the primary quarter of 2022. The corporate’s internet revenue for the primary quarter of 2023 was $461.2 million, or $31.79 per share, in comparison with a lack of $130.8 million. or $11.58 per share, in Q1 2022.
Microstrategy (MSTR) inventory is down 6.37% immediately and up 1.80% after hours.
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