MicroStrategy, a business intelligence platform, recently released its financial results for Q1 of 2023 and reported a profit of $94 million, largely attributed to an one-time income tax benefit. The firm’s Chief Executive Officer, Phong Lee, asserted that their commitment to their Bitcoin investment strategy is still strong as ever. The company has seen a 2.2% growth in revenue when compared to the 1Q of 2022, totaling $121.9 million. This comes along with a reduction of leverage by repaying a $161 million Bitcoin-backed loan. With two separate purchases on March 23 and April 5, MicroStrategy purchased a total of 7,500 BTC for $179 million, bringing their total holdings to 140,000 BTC.

The value of Bitcoin has seen incredible growth in the timeframe since March 2021, when MicroStrategy began investing in BTC, with the price rising from $44,000 to $30,820 in the month of April 2021. According to the current price of Bitcoin at $28,100, MicroStrategy is down about 5.7% on their investment. Along with this investment, MicroStrategy also incorporated Bitcoin Lightning partially into Michael Saylor's email address, and is developing a Bitcoin-centric Software as a Service for corporations.

By increasing their Bitcoin holdings, MicroStrategy has certainly shown that they have a lot of faith in cryptocurrency, and this investment can be seen to some effect in the area of profit. They reported a profit and with the current price of Bitcoin, they are only slightly down in terms of their investment. It is safe to say that MicroStrategy’s Bitcoin investment strategy is a very bold and successful move.



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