- Loss from the depreciation of digital assets dropped to $18 million
- The company has also significantly cut operating expenses
- The organization’s BTC portfolio has a market value of just over $3.9 billion
On May 1 yesterday, one of the largest BTC holders, MicroStrategy, published a quarterly report.
In the first three months of this year, the organization recorded growth in key financial indicators. Also note that the firm did not sell a single bitcoin.
The company’s cost optimization efforts have been successful.. In Q1 2023, operating expenses fell to $114.3 million, down 56.6% from the same period last year..
This is an increase of 2.2% over Q1 2022. The most notable increase was in revenue from subscriptions and services.
Here the figure increased by 23.4% compared with the first quarter of last year. This could be due to MicroStrategy’s new Lightning Network-based enterprise products.
Digital asset impairment losses totaled $18.9 million. This 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 “in the plus” when the BTC exchange rate overcomes this value. We mentioned that here.
Also, in the report, the company reflected the early repayment of a $161 million loan from Silvergate. You can read more about that here.
In general, based on the report, the situation in the company is no longer threatening. Cost cutting and BTC appreciation has paid off.