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Microstrategy continued to put money into Bitcoin over the earlier quarter, as indicated by the corporate’s monetary outcomes on Could 1.
Phong Le, MicroStrategy President and CEO, stated
“The conviction in our bitcoin technique stays sturdy because the digital asset atmosphere continues to mature.”
Microstrategy stated that, within the first quarter of 2023, it bought 7,500 BTC so as to add to its stability sheet. That quantity is price $209 million at present market charges.
This buy elevated Microstrategy’s complete Bitcoin holdings to 140,000 BTC. Although the present market worth of that complete is $3.9 billion, Microstrategy famous that the quantity’s carrying worth is $2.0 billion as a consequence of cumulative impairment losses.
Microstrategy govt chairman Michael Saylor additionally highlighted on Twitter that his firm’s Bitcoin technique had outperformed shares, indices, and even Bitcoin itself.
Microstrategy additionally stated that it paid $161 million to Silvergate Financial institution to totally and voluntarily repay a $205 million Bitcoin-backed mortgage. Because of this, Silvergate launched 34,619 BTC price of collateral to Microstrategy. Silvergate Financial institution collapsed in March, and Microstrategy stated at the moment that it had no different publicity to the financial institution aside from that mortgage.
Outdoors of Bitcoin, Microstrategy stated that its complete income for Q1 2023 was $121.9 million, representing a 2.2% enhance from Q1 2022. The corporate’s internet earnings for Q1 2023 was $461.2 million, or $31.79 per share, up from a lack of $130.8 million in Q1 2022.
Microstrategy inventory (MSTR) is down 6.37% immediately and up 1.80% after hours.
The publish Microstrategy purchased $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed mortgage to Silvergate appeared first on CryptoSlate.
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