Leading business intelligence software firm MicroStrategy has returned to profit in the first quarter of 2023, thanks to its strong conviction in Bitcoin.
BTC Holdings In The Green
According to the company’s financial results for the first quarter of 2023, MicroStrategy has returned to profit for the first time since 2020. The company has raked in profits of $94 million in this quarter. One of its major sources of funds was the one-time income tax benefit of $453.2 million. Furthermore, the firm also upped its revenue by 2.2% from the same time last year and brought in $121.9 million to contribute to its overall quarter profits.
The company released a statement announcing a successful quarter, where CEO Phong Lee attributed the profitable quarter to its Bitcoin investment strategy, where the core business was not influenced by minor price fluctuations in Bitcoin.
Lee said,
“The conviction in our Bitcoin strategy remains strong as the digital asset environment continues to matur
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