Bitcoin's 72% rally to start 2023 helps push Michael Saylor's MicroStrategy to its first profitable quarter in over 2 years
, bringing its total to 140,000 tokens. The enterprise software company has been stockpiling crypto — which is up roughly 73% year-to-date — since August 2020, and the average purchase price for its stash is $29,803. As crypto slumped, those holdings previously resulted in impairment charges, which weighed on profits. But with the token's rally this year, MicroStrategy reported an impairment loss of $18.9 million for the quarter, down from the prior quarter's $197.6 million impairment.
And after tapping a tax benefit of $453.4 million, MicroStrategy posted net income of $461 million in the first quarter, reversing from a net loss of $249.7 million in the fourth quarter. "The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature," chief financial officer Andrew Kang said in a statement.
Plus, per an SEC filing, those gains allowed MicroStrategy to repay its $205 million bitcoin-backed loan with Silvergate Bank in March, a bank that had shuttered that month. The total MicroStrategy paid was $161 million.
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