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- MicroStrategy aims to generate up to $750 million through a stock offering to acquire more Bitcoin (BTC).
- This announcement has driven Bitcoin’s price near the $30,000 threshold.
- The current market valuation of MicroStrategy’s Bitcoin assets stands at $4.5 billion.
MicroStrategy, a software firm with a substantial Bitcoin (BTC) reserve, plans to raise as much as $750 million by issuing additional stock. The proceeds will be directed towards purchasing more Bitcoin, reinforcing its status as one of the largest corporate Bitcoin holders in the United States.
The disclosure was made via a filing with the U.S. Securities and Exchange Commission (SEC) late Tuesday. Consequently, Bitcoin’s price surged over 4%, climbing from $28,785 to $29,987. At the time of this report, BTC was trading at $29,648, with a 24-hour trading volume of $19.7 billion, reflecting a 52% increase.
Bitcoin (BTC) Price Chart (Source: CoinMarketCap)
MicroStrategy Profits on Bitcoin (BTC)
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MicroStrategy CEO Michael Saylor has been pivotal in the company’s Bitcoin strategy, executing billion-dollar BTC acquisitions since the onset of the pandemic. Recently, MicroStrategy reported a significant improvement in profitability, posting a net income of $22.2 million in their Q2 earnings report.
This represents a marked change from the same period last year, which recorded a net loss of $1.1 billion. The increase in profitability is partly due to a reduced digital asset impairment loss of $24.1 million, in contrast to a substantial $917.8 million loss in Q2 2022.
Additionally, in the second quarter of 2023, MicroStrategy acquired 12,333 Bitcoin, marking the largest quarterly increase since Q2 2021. Furthermore, the company purchased another 467 BTC on July 30.
As of July 31, 2023, Michael Saylor’s firm reported a significant rise in Bitcoin holdings, totaling 152,800 BTC. This elevates the overall value of its Bitcoin assets to $4.5 billion at current market valuations.
MicroStrategy’s unwavering dedication to Bitcoin investment has proven fruitful as the digital currency continues to gain traction in the financial sector. With the forthcoming stock sale, the company seeks to enhance its position in the cryptocurrency market and leverage the potential future growth of Bitcoin’s value.
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