- MicroStrategy reported a Q1 2023 profit of $94 million attributed to a one-time income tax benefit.
- The firm purchased 7,500 BTC in the first quarter bringing its total holdings to 140,000 BTC with no signs of slowing down.
- The firm’s Bitcoin stash turned to profit after BTC made a 72% gain in the first quarter, wiping away 2022 losses.
Michael Saylor says his Bitcoin (BTC) strategy has outperformed stocks, similar assets, and Bitcoin itself after positive showings this year.
MicroStrategy has posted its Q1 2023 report, which shows a profit of $94 million, marking the company’s first-ever quarterly profit in nearly three years. Profits recorded this quarter can be linked to a tax benefit of $453 million and an upward revenue stream of 2.2% from the last quarter ( $121 million).
The firm also announced a net income of $46.2 million, an increase of a loss of $130.8 million in Q1 2022. The company also paid a $161 million BTC-backed loan to Silvergate Bank with the former releasing its 34,619 BTC.
MicroStrategy’s CEO Phong Lee stated that the company’s BTC stance is “stronger than ever” as the year progresses.
“The conviction in our Bitcoin strategy remains strong as the digital asset environment continues to mature. We remained disciplined on cost while investing in growth and will continue to execute our dual strategy of growing our intelligence software business and acquiring Bitcoin for the future,” he added.
Saylor, the chairman of MicroStrategy, praised the company’s BTC strategy as the backbone of its success in the first quarter.
“So ultimately, it’s not easy what a better strategy might be. And so, we are strong proponents of the Bitcoin strategy. And as you see from this chart, prudently acquiring Bitcoin is a good way to outperform the market.”
Bullish on BTC despite slight losses
According to the firm’s filings at the Securities and Exchange Commission (SEC), the company acquired 7,500 BTC in Q2 2023 with two huge purchases worth $179 million on March 23 and April 5. The firm’s BTC stash now stands at 140,000 with no signs of slowing down.
Purchased at an average of 29,803, the company’s BTC holdings flipped green after BTC surged past the $30,000 mark in April. With the price of BTC below $29,000 at press time, MicroStrategy BTC holdings are at a loss of 5.8%.
Michael Saylor has maintained his bullish stance on BTC through the years and revealed that he had integrated Bitcoin Lightning into his email address while also developing a layer 2 lightning network for corporations.
