MicroStrategy Posts Profit on Benefit Tied to Bitcoin Holdings

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 a net income of $461 million, or $31.79 a share, in the first quarter. During the period, the rise in the price of Bitcoin allowed MicroStrategy to reduce a reserve, resulting in a one-time tax benefit of $453.2 million.

Revenue rose 2.2% to $121 million, beating the $119 million estimate that analysts surveyed by Bloomberg …