Bitcoin

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	<p>MicroStrategy, the business intelligence giant led by Michael Saylor, has returned to profitability for the first time since 2020, primarily due to a one-time income tax benefit of $453.2 million. The firm reported a Q1 2023 profit of $94 million, with revenues of $121.9 million, a 2.2% increase year-over-year.</p>
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<p lang="en" dir="ltr">Please join the <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@MicroStrategy</a> management team at 5pm ET as we discuss our Q1 2023 <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$MSTR</a> financial results and answer questions about our business and outlook for <a href="https://twitter.com/hashtag/BusinessIntelligence?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BusinessIntelligence</a> and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a>.<a href="https://t.co/pHrjKvWsDU" rel="nofollow" target="_blank">https://t.co/pHrjKvWsDU</a></p>
<p>&mdash; Michael Saylor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@saylor) <a href="https://twitter.com/saylor/status/1653129331634216984?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 1, 2023</a></p></blockquote>
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<p>In a May 1 statement, CEO Phong Lee reaffirmed MicroStrategy&#8217;s unwavering commitment to its <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> investment strategy, saying the company&#8217;s conviction in the digital asset&#8217;s potential remains strong as the market continues to mature.</p>
<blockquote><p>&#8220;We remain disciplined on costs while investing in growth, and we will continue to execute our dual strategy of growing our business intelligence software business and acquiring Bitcoin for the future,&#8221; he added.</p></blockquote>
<p>Lee also reassured stakeholders that short-term Bitcoin price fluctuations would not impact the company&#8217;s core business.</p>
<p>Michael Saylor, the chairman of MicroStrategy, credited the successful quarter to the company&#8217;s steadfast execution of its core business model and Bitcoin investment thesis.</p>
<p>Saylor also predicted that investors would soon exit positions in cryptocurrencies facing regulatory scrutiny, resulting in capital flowing into Bitcoin.</p>
<p>MicroStrategy&#8217;s CFO, Andrew Kang, also revealed that the firm retired its $161 million Bitcoin-backed loan from the now-defunct Silverage Bank, releasing all pledged Bitcoin collateral in the process. This strategic move played a significant role in the company&#8217;s liability management goals.</p>
<p>According to SEC filings, <a href="https://crypto.ro/en/news/microstrategy-has-purchased-6555-bitcoins-valued-at-150-million/">MicroStrategy acquired 7,500 BTC in Q1</a> 2023 for a total of $179 million. The firm currently holds 140,000 BTC, purchased at an average cost of approximately $29,803. Bitcoin&#8217;s 72% price increase over Q1 2023 to roughly $28,300 contributed to the company&#8217;s profitability, although the current price of $28,100 marks a 5.7% drop in the value of MicroStrategy&#8217;s Bitcoin investment.</p>
<p>However, the company saw brief gains when Bitcoin surged to a recent high of $30,980 on April 15.</p>
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<p lang="en" dir="ltr">Since <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@MicroStrategy</a> adopted a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> Strategy: <a href="https://t.co/rrYTbvOkUS" rel="nofollow" target="_blank">pic.twitter.com/rrYTbvOkUS</a></p>
<p>&mdash; Michael Saylor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@saylor) <a href="https://twitter.com/saylor/status/1653129330451423246?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 1, 2023</a></p></blockquote>
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<p>MicroStrategy began investing in Bitcoin in March 2021, purchasing 91,064 BTC, which now represents 65% of its total holdings. The company recently integrated the Bitcoin Lightning Network into Saylor&#8217;s corporate email address and is developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations.</p>

MicroStrategy’s Bitcoin strategy pays off as firm returns to profitability

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