The latest bitcoin trends have benefited some companies. This is the case of MicroStrategy, which can be satisfied with a globally successful first quarter.
$94 million in profits made by MicroStrategy at the end of the 1er semester
Bitcoin is the best thing there is, said Michael Saylor a few weeks ago. The businessman should continue to defend this idea in view of the recent results of MicroStrategy.
Indeed, the company he founded has achieved more than satisfactory financial performance in the first trimester. At the end of this period, the company’s activities brought in a total of $94 million in profits.
This figure is not the only positive result achieved by the company. Indeed, the company attributes its operational success during this period to the reduction in its income tax.
This represents approximately $453.2 million for $121.9 million in revenue. Year-on-year, this represents an increase of approximately 2.2%. In view of these results, the leaders are convinced of the effectiveness of the strategy of MicroStrategy centered on the bitcoin.
“Conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature. We remain disciplined on costs while investing in growth, and we will continue to execute on our dual strategy of growing our business intelligence software business and acquiring bitcoin going forward.”said Phong Lee, CEO of MicroStrategy, in a press release.
Acquiring bitcoin, a way to perform?
For Saylor, this quarterly success is the result of the rigor of the company’s business plan. “A good strategy” which also enabled the company to repay a loan. A loan of 161 million dollars backed by bitcoins and contracted with the Silverage Bank before its fall.
“By repaying the debt, we also released all the bitcoins that had been pledged as collateral for the loan. This is an important and strategic transaction for us and our liability management objectives,” explains Andrew Kang, chief financial officer of MicroStrategy.
At the end of the day, “The simple act of acquiring and holding bitcoins in a prudent way is a very good way to outperform the market”, argues Saylor. This, even if currently, the growth of the assets is slipping.
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