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MicroStrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate
MicroStrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate
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MicroStrategy continued to invest in Bitcoin over the previous quarter, as indicated by the company’s financial results on May 1.
Phong Le, MicroStrategy President and CEO, said
“The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”
MicroStrategy said that, in the first quarter of 2023, it purchased 7,500 BTC to add to its balance sheet. That amount is worth $209 million at current market rates.
This purchase increased Microstrategy’s total Bitcoin holdings to 140,000 BTC. Though the current market value of that total is $3.9 billion, MicroStrategy noted that the amount’s carrying value is $2.0 billion due to cumulative impairment losses.
MicroStrategy executive chairman Michael Saylor also highlighted on Twitter that his company’s Bitcoin strategy had outperformed stocks, indices, and even Bitcoin itself.
MicroStrategy also said that it paid $161 million to Silvergate Bank to fully and voluntarily repay a $205 million Bitcoin-backed loan. As a result, Silvergate released 34,619 BTC worth of collateral to MicroStrategy. Silvergate Bank collapsed in March, and MicroStrategy said at that time that it had no other exposure to the bank apart from that loan.
Outside of Bitcoin, MicroStrategy said that its total revenue for Q1 2023 was $121.9 million, representing a 2.2% increase from Q1 2022. The company’s net income for Q1 2023 was $461.2 million, or $31.79 per share, up from a loss of $130.8 million, or $11.58 per share, in Q1 2022.
MicroStrategy stock (MSTR) is down 6.37% today and up 1.80% after hours.
The post MicroStrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate appeared first on CryptoSlate.
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