- Loss from depreciation of digital assets decreased to $18 million
- The company also significantly reduced operating expenses.
- The market value of the organization’s BTC portfolio is just over $3.9 billion.
Yesterday, May 1, one of the largest BTC holders, MicroStrategy, published a quarterly report. In the first three months of this year, the organization recorded an increase in key financial indicators. Also note that the firm has not sold a single bitcoin.
The company’s focus on cost optimization proved to be successful. In Q1 2023, operating costs decreased to $114.3 million, down 56.6% from the same period last year.
The firm’s revenue also rose to $121.9 million, up 2.2% from Q1 2022. The most notable increase was subscription and services revenue. Here the figure increased by 23.4% compared to the first quarter of last year. This may be related to the new MicroStrategy enterprise products based on the Lightning Network.
The loss from the depreciation of digital assets amounted to $18.9 million, which is significantly lower than in Q1 2022. At the same time, the company still holds “about” 140 thousand BTC.
As of March 31, the market value of the organization’s portfolio was $3.986 billion (at a rate of $28,468). At the same time, the average purchase price of tokens is slightly higher – $ 29,803. This means that MicroStrategy’s investments will go “plus” when the BTC rate overcomes this value. We mentioned it here.
Also in the report, the company reflected the early repayment of a loan from Silvergate in the amount of $161 million. You can read more about this here.
In general, based on the report, the situation in the company has ceased to be threatening. Reducing costs and raising the BTC rate have paid off.