Sunday, 14 April 2024
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Bitcoin Conviction is “Strong” at MicroStrategy as It Reports Q1 Earnings

Following the realization of its first quarterly profit since 2020, MicroStrategy has reaffirmed its dedication to its Bitcoin investment strategy. With a $94 million profit in the first quarter of 2023, the company returned to the black, mostly because of a one-time income tax gain of $453.2 million.

The CEO of the company, Phong Lee, said that MicroStrategy’s “conviction” in its investment strategy for Bitcoin remains as “strong” as ever.

Bitcoin Conviction

The chairman of MicroStrategy, Saylor, credited the company’s basic business model and its investment thesis for Bitcoin for the positive quarter, calling it the “right strategy.” He continued by saying that a simple strategy for beating the market is to buy and retain Bitcoin responsibly.

The proponent of Bitcoin projected that investors will soon sell their holdings in digital assets that are being scrutinized by regulators and move their money into Bitcoin.

  • MicroStrategy has reaffirmed its dedication to its Bitcoin investment strategy.
  • BTC managed to increase 72% over the first quarter to around $28,300
  • MicroStrategy’s investment in Bitcoin is currently down about 5.7%.

The company also succeeded in lowering its leverage by paying back its $161 million Bitcoin-backed loan from the now-defunct Silverage Bank, according to MicroStrategy Chief Financial Officer Andrew Kang.

The company currently has 140,000 BTC, which were acquired for a total of roughly $29,803 on average. BTC managed to increase 72% over the first quarter to around $28,300, signaling the company’s transition to profitability.

MicroStrategy’s investment in Bitcoin is currently down about 5.7% with the price of BTC sitting at $28,100. BTC surged to its most recent high of $30,980 on April 15 last month.

On March 5, 2021, the software analytics company bought 91,064 BTC, representing 65% of its current holdings, and started putting its financial reserves into BTC.

The Bitcoin-savvy company is also working on creating a Software as a Service platform for businesses based on the Bitcoin layer-2 Lightning Network.

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