MicroStrategy, a leading provider of enterprise analytics and mobility software, offering innovative solutions to help businesses make data-driven decisions, reported on Monday that it purchased an additional 7,500 Bitcoin (BTC) in the first quarter of the year, bringing its cumulative holdings to 140,000 worth approximately $4 billion.<\/p>\n
Phong Le, the CEO of the publicly traded company said in a statement that MicroStrategy’s conviction in Bitcoin “remains strong as the digital asset environment continues to mature.”<\/p>\n
In the first quarter of this year, MicroStrategy reported a net income of $461.2 million, which is a significant improvement from the net loss of $130.8 million in the same quarter last year and the net loss of $249.7 million in the fourth quarter of 2022.<\/p>\n
The company attributed the gains to benefits from income taxes and a gain on debt extinguishment. Additionally, the loss from operations also showed improvement, coming in at $20.3 million, compared to $170 million in the first quarter of 2022.<\/p>\n
Total revenues for the period increased by 2.2% from the same period last year to $121.9 million.<\/p>\n
MicroStrategy’s co-founder, Michael Saylor<\/a>, shared a graph on Twitter that illustrated how the company had outperformed other companies and indexes since it implemented its Bitcoin strategy.<\/p>\n Since @MicroStrategy<\/a> adopted a #Bitcoin<\/a> Strategy: pic.twitter.com\/rrYTbvOkUS<\/a><\/p>\n — Michael Saylor⚡️ (@saylor) May 1, 2023<\/a><\/p><\/blockquote>\n\n