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MicroStrategy posts profit thanks to Bitcoin strategy

By consistently buying Bitcoin, MicroStrategy closed Q1 successfully.

By Finst News
• 2 min read
MicroStrategy posts profit thanks to Bitcoin strategy

By consistently buying Bitcoin, MicroStrategy closed the first quarter successfully. The company, founded by Michael Saylor, posted a profit of $94 million in Q1 2023 thanks to tax benefits from gains.

Additionally, MicroStrategy reported revenue of $121.9 million, up 2.2% from the same period last year. Phong Lee, the company's CEO, said in a press release: "Conviction in our Bitcoin strategy remains strong as the digital asset landscape matures."

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Michael Saylor attributes the successful quarter to the steady execution of MicroStrategy’s core business and the associated Bitcoin investments. The tech company currently owns 140,000 Bitcoin and paid an average of $29,803 per coin. The total price of the acquisitions amounts to $4.17 billion.

As Bitcoin climbs above the $30,000 threshold, MicroStrategy starts reporting profits. If BTC slips below $30,000, the company moves into a loss.

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