Microstrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate

Microstrategy continued to spend money on Bitcoin over the earlier quarter, as indicated by the corporate’s monetary outcomes on May 1.

Phong Le, MicroStrategy President and CEO, stated

“The conviction in our bitcoin technique stays sturdy because the digital asset surroundings continues to mature.”

Microstrategy stated that, within the first quarter of 2023, it bought 7,500 BTC so as to add to its steadiness sheet. That quantity is value $209 million at present market charges.

This buy elevated Microstrategy’s whole Bitcoin holdings to 140,000 BTC. Although the present market worth of that whole is $3.9 billion, Microstrategy famous that the quantity’s carrying worth is $2.0 billion because of cumulative impairment losses.

Microstrategy government 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. In consequence, Silvergate launched 34,619 BTC value of collateral to Microstrategy. Silvergate Financial institution collapsed in March, and Microstrategy stated at the moment that it had no other exposure to the financial institution aside from that mortgage.

Outdoors of Bitcoin, Microstrategy stated that its whole income for Q1 2023 was $121.9 million, representing a 2.2% improve 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% right this moment and up 1.80% after hours.

The publish Microstrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate appeared first on CryptoSlate.

Source link

Latest articles

Related articles

Leave a reply

Please enter your comment!
Please enter your name here

12 + 15 =