Michael Saylor’s MicroStrategy (MSTR) booked a far smaller accounting writedown tied to its bitcoin (BTC) hoard last quarter versus the final three months of 2022, helped by the cryptocurrency’s giant rally to begin the year.
“We strengthened our capital structure by reducing leverage by fully repaying our bitcoin-backed loan. We also continued to strategically manage our balance sheet through the addition of 7,500 bitcoin in the quarter,” said Chief Financial Officer Andrew Kang said in the statement. “The conviction in our bitcoin strategy remains strong as the digital asset environment continues to mature.”
Shares of the business-software company rose about 2% in after-hours trading on Monday, following the release of the quarterly results.