Phong Lee confirmed that Microstrategy will remain focussed on Bitcoin investment & related opportunities, following a $461.2 million net profit in Q1 of this year.
Microstrategy is a Bitcoin bull firm. Since 2020, Microstrategy has been buying Bitcoin to add BTC to the company’s balance sheet. The first time Michael Saylor, former CEO & founder of this publicly trading business intelligence firm, brought the idea of a Bitcoin investment plan for the company. At present, Saylor is the executive chairman at Microstrategy & works a full-time job to push the Bitcoin-related company’s plans.
On 1 May 2023, Microstrategy published its Q1 2023 financial report and confirmed that the company went back into the green in the first quarter of 2023 with a profit of $94 million, which was largely attributed to a one-time income tax benefit of $453.2 million.
Phong Lee, the current CEO of Microstrategy, talked about the strong commitment of this business intelligence firm toward Bitcoin-related investment plans and said that the company will always remain confident with Bitcoin investment, as the Bitcoin environment continues to mature.
Further CEO added:
“We remain disciplined on costs while investing in growth, and we will continue to execute our dual strategy of growing our business intelligence software business and acquiring Bitcoin for the future.”
Former Microstrategy CEO also shared the additional success of Microstrategy Shares ($MSTR) and noted that the MSTR trade price is 166% high since Microstrategy started adding Bitcton to the company’s balance sheet.
Microstrategy ex-CEO also invited people to join the MicroStrategy management team at 5 pm ET to participate in the discussion of Q1 2023 $MSTR financial results & future business plans.
MSTR price action
The current trade price of MSTR is $307.47 & this trade price is 8.26% high over the last 5 days of trade price.
Read also: SEC fines $4M on Coinme over unregistered UpToken ICO