The prominent business intelligence platfor,mMicroStrategy, established by Michael Saylor, has reported a net income of $94 million for Q1 2023 & over 7,500 Bitcoin purchases. This was primarily attributed to the 140,000 BTC currently held by Microstrategy and the one-time income tax benefit of $453.2 million.
The company also disclosed a revenue of $121.9 million, which is a 2.2% increase from the same period last year.
Phong Lee, the CEO of MicroStrategy, stated in a press release that the company has a “strong” belief in its Bitcoin investment strategy.
Currently, MicroStrategy holds 140,000 BTC, which were collectively obtained at an average cost of roughly $29,803. The company purchased 7,500 BTC in Q1 of 2023 through two acquisitions totalling $179 Million on March 23 and April 5.
Saylor, who serves as MicroStrategy’s chairman, attributes the successful quarter to the firm’s core business model’s efficient execution and its Bitcoin investment thesis, which he refers to as the “right strategy.” He predicted that due to the scrutiny of the regulations investors might exit their position, leading to a “flow into Bitcoin.”
MicroStrategy’s chief financial officer, Andrew Kang, also stated that the company had managed to decrease its leverage by repaying its $161 million loan secured through pledging Bitcoins from the now-defunct Silverage Bank.
Despite the company’s commitment to its Bitcoin investment strategy, it is currently down around 5.7% on its Bitcoin investment, with the price of BTC at $28,100 currently as compared to the brand’s average investment of around $29,803 per BTC.
MicroStrategy has been actively integrating Bitcoin into its business operations, with Saylor recently announcing that the company had integrated Bitcoin Lightning into his corporate email address.
