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MicroStrategy reports Q1/2022 earnings, looking at making profits on 95,643 Bitcoin

Trading firm MicroStrategy says it is looking at opportunities to generate profits on 95,643 “unhindered” Bitcoins held by its subsidiary MacroStrategy.

In MicroStrategy’s report for the first quarter of 2022 published on Tuesday, the company said it “may cautiously explore future profit-making opportunities for the Bitcoin holdings of MacroStrategy,” the company said, considering a $205 million BTC mortgage issued by Silvergate Bank in March. As of March 31, MicroStrategy holds a total of 129,218 BTC, which the company reports has a carrying value of approximately $2.9 billion, reflecting cumulative impairment losses of more than $1 billion and total expenses. is 4 billion dollars.

MicroStrategy’s Bitcoin Initial Cost Base and Market Value are $3.967 billion and $5,893 billion, respectively, reflecting an average cost per Bitcoin of approximately $30,700 and a comparable market price per Bitcoin. equivalent to $45,602.79,” the company said.

MicroStrategy reported revenue of $119.3 million for the first quarter of 2022, down 3% from the same period last year. Additionally, the company’s Generally Accepted Accounting Principles (GAAP) expenses for the first quarter were $275 million, with $170 million in BTC loss fees. The US Securities and Exchange Commission sent a letter to MicroStrategy in January asking the company to stop using non-GAAP methods to calculate its finances.

Additionally, MicroStrategy also announced that it has appointed Andrew Kang as its new Senior Executive Vice President and Chief Financial Officer, to replace Phong Le, effective May 9, 2022. Mr. Phong Le will continues to serve as President of MicroStrategy.

It can be affirmed that MicroStrategy has been doing exactly what the company has said before about its business strategy with Bitcoin, especially dispelling all baseless speculations that stir up the market with real Microstrategy information. Currently, “underground selling” of Bitcoin has taken place in recent times.