Business intelligence platform MicroStrategy has reiterated its commitment to its Bitcoin (BTC) investment strategy after turning its first quarterly profit since 2020. 

The Michael Saylor-founded firm went back into the green in the first quarter of 2023 with a profit of $94 million, which was largely attributed to a one-time income tax benefit of $453.2 million.

Phong Lee, the firm’s chief executive officer explained in the May 1 statement that MicroStrategy’s “conviction” in its Bitcoin (BTC) investment strategy is as “strong” as ever:

“The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”

In addition to the tax benefit, the firm cashed in $121.9 million in revenue, up 2.2% from the same time last year.

Please join the @MicroStrategy management team at 5pm ET as we discuss our Q1 2023 $MSTR financial results and answer questions about our business and outlook for #BusinessIntelligence and #Bitcoin.https://t.co/pHrjKvWsDU

— Michael Saylor⚡️ (@saylor) May 1, 2023

Andrew Kang, the firm’s chief financial officer said the firm also managed to reduce its leverage by repaying its $161 million Bitcoin-backed loan from the Go to Source to See Full Article
Author: Brayden Lindrea

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