Largest public holder of Bitcoin posts profit on benefit tied to BTC stash MicroStrategy $BTC
, the largest public Bitcoin holder, posted its first profit in nine quarters after claiming a tax gain relating to its massive Bitcoin holdings.
In comparison to a loss a year earlier, the enterprise software maker reported a first-quarter net income of $461 million, or $31.79 per share. The 72% increase in the price of Bitcoin during the most recent quarter allowed MicroStrategy to essentially lower a reserve tied to earlier significant impairment charges for the cryptocurrency, resulting in a one-time tax gain of $453.2 million.Michael Saylor, co-founder and executive chairman of MicroStrategy, saw his $4 billion investment in Bitcoin become profitable again as the value of the biggest cryptocurrency surpassed its average purchase price.
The price of the biggest cryptocurrency by market capitalization, which had fallen nearly 2% in the past day, was currently about $28,168. After recovering from the prior day's lows of $27,664, Bitcoin has remained roughly at $28,000 as it was revealed that banking behemoth JPMorgan had won the bid to buy First Republic assets.
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