Microstrategy Earns IDR 1.3 Trillion in Profit from Bitcoin in the First Quarter of 2023
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Microstrategy Earns IDR 1.3 Trillion in Profit from Bitcoin in the First Quarter of 2023
Liputan6.com, Jakarta Business intelligence platform MicroStrategy reaffirms its commitment to the Bitcoin investment strategy after generating its first quarterly profit since 2020.
The company founded by Michael Saylor returned to a green position in the first quarter of 2023 with a profit of USD 94 million or the equivalent of IDR 1.3 trillion (assuming an exchange rate of IDR 14,670 per US dollar).
The company owns 140,000 Bitcoins, which are purchased collectively for an average fee of around 29,803 or equivalent to Rp. 437.5 million. The company’s bitcoin gains come as BTC managed to rise 72 percent during the first quarter to around USD 28,300 or equivalent to Rp. 415.4 million.
The company’s chief executive, Phong Lee explained in a May 1 statement MicroStrategy’s confidence in its Bitcoin investments.
“Confidence in our bitcoin strategy remains strong as the digital asset environment continues to evolve. In addition to tax benefits, the company cashed in revenue of USD 121.9 million or equivalent to IDR 1.7 trillion, up 2.2 percent from the same time last year,” said Lee, quoted by Cointelegraph, Tuesday (2/5/2023).
The company’s chief financial officer, Andrew Kang explained the company also managed to reduce its influence by repaying a $161 million Bitcoin-backed loan from the now-collapsed Silverage Bank.
“In the first quarter, we strengthened our capital structure by reducing leverage by fully paying off our bitcoin-backed loans,” explained Kang.
As per previous SEC filings, Microstrategy purchased 7,500 BTC in the first quarter of 2023 in two purchases on March 23 and April 5 for a total of USD 179 million or equivalent to IDR 2.6 trillion.
Microstrategy Earns IDR 1.3 Trillion in Profit from Bitcoin in the First Quarter of 2023
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Microstrategy Earns IDR 1.3 Trillion in Profit from Bitcoin in the First Quarter of 2023
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