Michael Saylor’s technology company presented its results for the first quarter of 2023 and reaffirmed confidence in the cryptocurrency leader. In addition, he stated that the fluctuation in the price will not affect the profits.
MicroStrategy convinced investors with the results of the first quarter of 2023. The company founded by Michael Saylor closed March with a gross profit of US$94 million, above the market forecast, representing a gross margin of 77.1%. In addition, the company entered $121.9 million, 2.2% more than the previous year and reaffirmed its commitment to Bitcoin as a business strategy.
According to MicroStrategy figures, the book value of your digital assets, made up of approximately 140,000 bitcoinIt was from 2 billion dollars. This amount reflects some cumulative impairment losses of $2,172 million since acquisition and a median book value per bitcoin of approximately $14,289. “As of March 31, 2023, MicroStrategy’s original cost basis and market value of bitcoin were $4.172 million and $3.986 million, respectively, reflecting an average cost per bitcoin of approximately $29,803 and a market price per bitcoin of $28,468.44, respectively”, they detailed from the company.
According to the records of the Securities and Exchange Commission (SEC), the business intelligence company bought 7,500 BTC in Q1 in two separate trades carried out on March 23 and April 5 for a total of 179 million dollars.
“Conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature. We remain disciplined with costs while investing in growth, and we will continue to execute on our dual strategy of growing our business intelligence software business and acquiring bitcoin going forward,” he said. phong lee, CEO of the firm.
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Likewise, Lee also stressed that MicroStrategy’s core business has not been and will not be affected by short-term fluctuations of the price of the reigning cryptocurrency.
“In the first quarter, we strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan. We also continue to strategically manage our balance sheet by adding 7,500 bitcoin in the quarter for a total of 140,000.” Andrew Kang, financial director of the company.
For his part, michael saylor, founder and president of MicroStrategy, attributed the company’s good quarter to the investment in bitcoin, which he has defined as a “correct strategy.” “It is not easy to see which strategy could be better. That is why we are strong defenders of the bitcoin strategy. And as you can see from our graphs, simply purchasing and holding bitcoin prudently is a pretty good way to beat the market”, he explained during the presentation of results.
Source: Ambito
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