Michael Saylor’s MicroStrategy (MSTR) posted a far smaller book value write-down related to its Bitcoin (BTC) hoard last quarter than it did in the last three months of 2022, helped by the cryptocurrency’s huge rally earlier in the year.
“We strengthened our capital structure by reducing debt by fully repaying our bitcoin-backed loan. We also continued to strategically manage our balance sheet by adding 7,500 bitcoin during the quarter,” Chief Financial Officer Andrew Kang said in the statement. “Conviction in our Bitcoin strategy remains strong as the environment for digital assets continues to mature.”
Shares of the enterprise software company rose about 2% in after-hours trading on Monday following the release of quarterly earnings.
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