MicroStrategy Incorporated (MSTR) Rose in Q1 on Bitcoin Gain

Miller Value Partners, an investment management company, released its “Income Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned -3.51% net of fees compared to a 3.72 % return for the ICE Bank of America High Yield Index and 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Miller Value Partners Income Strategy highlighted stocks like MicroStrategy Incorporated (NASDAQ:MSTR) in the first quarter 2023 investor letter. Headquartered in Tysons Corner, Virginia, MicroStrategy Incorporated (NASDAQ:MSTR) is an enterprise analytics software and services provider. On April 17, 2023, MicroStrategy Incorporated (NASDAQ:MSTR) stock closed at $313.03 per share. One-month return of MicroStrategy Incorporated (NASDAQ:MSTR) was 18.59%, and its shares lost 29.80% of their value over the last 52 weeks. MicroStrategy Incorporated (NASDAQ:MSTR) has a market capitalization of $4.05 billion.

Miller Value Partners Income Strategy made the following comment about MicroStrategy Incorporated (NASDAQ:MSTR) in its Q1 2023 investor letter:

"MicroStrategy Incorporated (NASDAQ:MSTR) 0.75% 12/15/2025 rose in sympathy with Bitcoin’s 71.7% gain during the first quarter. The company reported 4Q22 revenue of $132.6MM, -1.5% Y/Y (+4.1% on constant currency basis), ahead of consensus of $131.0MM, and an adjusted loss from operations of -$176.7MM, compared to a 4Q21 adjusted loss of -$124.3MM. During the quarter, MicroStrategy’s subsidiary, Macrostrategy, voluntarily paid off a $205MM loan to Silvergate Bank with a 22% discount after the bank filed for liquidation earlier this year. Additionally, MicroStrategy reported that it purchased another ~6.5K bitcoin for ~$150MM in cash, at an average price of $23.2K per token, bringing the company’s total holdings to ~139.0K bitcoin as of 3/23/23, which is worth approximately $3.95B based on a bitcoin price of ~$28.4K as of 3/31/23."

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MicroStrategy Incorporated (NASDAQ:MSTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held MicroStrategy Incorporated (NASDAQ:MSTR) at the end of the fourth quarter which was 15 in the previous quarter.

We discussed MicroStrategy Incorporated (NASDAQ:MSTR) in another article and shared the list of most profitable cryptocurrency stocks. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.