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

MicroStrategy continued to invest in Bitcoin last quarter, as shown by the company’s financial results. May 1st.

MicroStrategy President and CEO Phong Le said:

“Confidence in the Bitcoin strategy remains strong as the digital asset landscape continues to mature.”

MicroStrategy said it purchased 7,500 BTC to add to its balance sheet in the first quarter of 2023. That amount is worth $209 million at current market rates.

The purchase increased Microstrategy’s total Bitcoin holdings to 140,000 BTC. Its combined current market value is $3.9 billion, but MicroStrategy noted that cumulative impairment losses put the amount’s carrying value at $2.0 billion.

MicroStrategy Executive Chairman Michael Saylor highlight on twitter His company’s bitcoin strategy outperformed stocks, indices and even bitcoin itself.

MicroStrategy also said it paid Silvergate Bank $161 million to fully and voluntarily repay a $205 million Bitcoin-backed loan. As a result, Silvergate released his 34,619 BTC worth of collateral to his MicroStrategy. Silvergate Bank collapsed in his March, and MicroStrategy said at the time it had no exposure to the bank other than its loans.

Outside of Bitcoin, MicroStrategy said Q1 2023 total revenue was $121.9 million, up 2.2% from Q1 2022. The company’s first-quarter 2023 net income was $461.2 million, or $31.79 per share, up from a loss of $130.8 million. $11.58 per share in Q1 2022;

MicroStrategy stock (MSTR) is down 6.37% today and up 1.80% after hours.

Post MicroStrategy to Purchase $209 Million in Bitcoin in Q1 2023 Bitcoin-backed loan repayments to Silvergate first appeared on CryptoSlate.

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