MicroStrategy Posts Profit on Benefit Tied to Bitcoin Stash

Bloomberg2023-05-02

MicroStrategy Inc., the enterprise-software maker better known as the largest public holder of Bitcoin, posted its first profit in nine quarters after registering a tax benefit related to its horde of...

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During the recent quarter, the 72% rise in the price of Bitcoin allowed MicroStrategy to basically reduce a reserve related to earlier large impairment charges for the cryptocurrency, resulting in a one-time tax benefit of $453.2 million. Revenue from the software business rose 2.2% to $121 million, beating the $119 million estimate that analysts surveyed by Bloomberg expected. The company took an impairment charge on digital assets of $18.9 million for the three months ended in March 31.Saylor began buying Bitcoin in 2020, to reduce the company’s holdings of cash before of the eroding threat of inflation. By the end of March, MicroStrategy held a total cache of 140,000 Bitcoin, according to its financials. The company spent around $179 million to add 7,500 Bitcoin in the quarter.“Ultimately it’s not easy to see what better strategy there might be,” Saylor said during the company’s earnings call on Monday. “We found by simply acquiring and holding Bitcoin we can outperform our peers in the enterprise software business. The regulatory environment for Bitcoin is improving. As capital flows out of the crypto industry, it flows into Bitcoin.”As Bitcoin rallied, MicroStrategy has seen its shares surge as well. They are up 118% so far this year. Bitcoin has risen by about 70% so far this year. 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