Microstrategy Says It Bought 7,500 Bitcoin in Q1, Holds BTC Worth Over $4 Billion

MicroStrategy Bitcoin


Join Our Telegram channel to stay up to date on breaking news coverage

MicroStrategy, a leading provider of enterprise analytics and mobility software, offering innovative solutions to help businesses make data-driven decisions, reported on Monday that it purchased an additional 7,500 Bitcoin (BTC) in the first quarter of the year, bringing its cumulative holdings to 140,000 worth approximately $4 billion.

Phong Le, the CEO of the publicly traded company said in a statement that MicroStrategy’s conviction in Bitcoin “remains strong as the digital asset environment continues to mature.”

MicroStrategy Net Income Increases to $461 Million in Q1 2023

In the first quarter of this year, MicroStrategy reported a net income of $461.2 million, which is a significant improvement from the net loss of $130.8 million in the same quarter last year and the net loss of $249.7 million in the fourth quarter of 2022.


The company attributed the gains to benefits from income taxes and a gain on debt extinguishment. Additionally, the loss from operations also showed improvement, coming in at $20.3 million, compared to $170 million in the first quarter of 2022.

Total revenues for the period increased by 2.2% from the same period last year to $121.9 million.

MicroStrategy’s co-founder, Michael Saylor, shared a graph on Twitter that illustrated how the company had outperformed other companies and indexes since it implemented its Bitcoin strategy.

The shares of one of the largest Bitcoin institutional investors were up 0.82% pre-market trading on Tuesday, according to Yahoo Finance.

Overview of MicroStrategy BTC Holdings

According to the latest financial report, MicroStrategy’s Bitcoin holding amounted to 140,000 with a carrying value of $2 billion as of March 31.

The cumulative impairment losses stood at $2.2 billion. The company’s average cost per bitcoin was $29,803, which is slightly higher than the current market price of $28,065, according to price data by CoinMarketCap.

MicroStrategy’s wholly-owned subsidiary made a voluntary prepayment of $161.0 million to Silvergate Bank on March 24 to repay a Bitcoin-backed loan. Silvergate Bank, which is undergoing liquidation, released its security interest in the 34,619 bitcoin that was used to collateralize the loan.

In the first quarter of 2023, MicroStrategy used $179.3 million from the sale of class A common stock offered under a 2022 sales agreement to purchase Bitcoin.

In the meantime, Bitcoin price appears to have settled above crucial support in the range between $26,800 and $27,600. However, bulls face a daunting task on the four-hour chart and roughly at the 200-day Exponential Moving Average (EMA) – $28,400.

BTC/USD four-hour chart

The Relative Strength Index (RSI) holds at 40 after rebounding from 33. Bulls are required to keep the momentum intact to weaken supply areas at $28,400 and $29,200 to clear the path to $30,000.

A break above the short-term descending trend trendline would tremendously benefit the bulls, considering it has limited movement since mid-April.

AiDoge Presale is Selling Out Fast

The popularity of dog-themed cryptocurrencies is on the rise with the emergence of AiDoge – a unique crypto token that combines artificial intelligence and meme creation capabilities. Investors intrigued by AiDoge are particularly drawn to the platform’s “meme-to-earn” concept.

According to experts at InsideBitcoins.com, the token powering the ecosystem, $AI, has a positive rating due to its optimal risk-to-reward ratio.

In addition, creators of the best memes will be rewarded with financial incentives in the form of AiDoge’s native $AI token.

In just a few weeks since its debut, the AiDoge presale has surpassed $787,000, with one $AI token being sold for $0.0000264.

However, early supporters should act quickly as the token’s price is expected to rise to $0.00000268 in the upcoming round. Investors have the option to purchase $AI using ETH, BNB, and USDT, as well as major card payment providers such as Visa and Mastercard.

Related Articles:

Love Hate Inu – Newest Meme Coin

Love Hate Inu

Decentralized Polling – Vote to Earn
Early Access Presale Live Now – Ends Soon
$7 Million Raised
Featured in Yahoo Finance, Bitcoinist
Mint Memes of Survey Results as NFTs
Staking Rewards
Viral Potential, Growing Community

Love Hate Inu

Join Our Telegram channel to stay up to date on breaking news coverage


Source link


Be the first to comment

Leave a Reply

Your email address will not be published.