MicroStrategy, which has 140,000 Bitcoins, which corresponds to approximately 4 billion dollars, announced its balance sheet for the first quarter of 2023.
The company’s revenue was recorded as $121 million, above expectations of $119 million.
As of March 31, 2023, MicroStrategy’s digital assets (consisting of approximately 140,000 bitcoins) have a book value of $2 billion, reflecting a cumulative impairment loss of $2,172 billion since acquisition and an average book value of approximately $14,289 per Bitcoin.
As of March 31, 2023, MicroStrategy’s Bitcoins have an original cost basis and market capitalization of $4,172 billion and $3,986 billion, respectively, making the average cost per BTC approximately $29,803 and the market price per BTC $28,468.44.
MicroStrategy pursues two corporate strategies: buying and storing Bitcoin as a trusted store of value, and growing its enterprise analytics software business to support the Intelligence Everywhere vision.
Michael Saylor, former CEO and founder of the company, is an American entrepreneur and business executive who founded MicroStrategy in 1989 with his friend from MIT, Sanju Bansal.
After serving as MicroStrategy’s CEO from 1989 to 2022, he resigned to become chairman of the board and focus solely on BTC. MicroStrategy is a company that provides enterprise information, mobile software and cloud-based services to businesses around the world.
The company went public in 1998 and has become one of the leading companies in the corporate information market.
However, Saylor has had some controversial events in the past. He was accused of evading the District of Columbia $25 million in taxes by claiming to reside in Florida while living in a luxury mansion in Georgetown.
He was involved in an accounting scandal that caused MicroStrategy’s stock to drop 62% in one day in 2000 and destroyed $6 billion of his personal fortune.
Product licenses and subscription services revenues were $36.2 million, up 23.4%, while product support revenues were $65.5 million, down 2.5% from Q1 2022.
Operating expenses were $114.3 million, a decrease of 56.6% compared to the first quarter of 2022, including digital asset depreciation of $18.9 million compared to $170.1 million in the first quarter of 2022.
MicroStrategy had $94.3 million in cash and cash equivalents as of March 31, 2023, compared to $43.8 million as of December 31, 2022.
*Not investment advice.
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