MicroStrategy Inc., the enterprise-software maker better known as the largest public holder of Bitcoin, posted its first profit in nine quarters after registering a tax benefit related to its horde of the cryptocurrency.
The Tysons Corner, Virginia-based company controlled by Bitcoin advocate Michael Saylor had net income of $461 million, or $31.79 a share, in the first quarter, compared with a loss a year earlier. During the recent quarter, the 72% rise in the price of Bitcoin allowed MicroStrategy to basically reduce a reserve related to earlier large impairment charges for the cryptocurrency, resulting in a one-time tax benefit of $453.2 million.
