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MicroStrategy, a Bitcoin (BTC) whale, revealed on Tuesday that it has acquired an additional 420 BTC since its last update in June.
This increases the company’s total holdings to 152,800 BTC, valued at $4.46 billion.
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- As per MicroStrategy’s Q2 earnings report, the firm has purchased 12,800 BTC since Q1 at an average price of $28,233 per coin, which is lower than the current market price of $29,195.
Nonetheless, the average purchase price for the company’s total BTC holdings stands at $29,672, slightly exceeding the market price. -
“We effectively raised capital through our at-the-market equity program and utilized cash from operations to further increase bitcoins on our balance sheet,” remarked Andrew Kang, CFO of MicroStrategy.
- The CFO also noted that Bitcoin benefits from a favorable environment of “growing institutional interest, advancements in accounting transparency, and ongoing regulatory clarity.”
- In late June, MicroStrategy disclosed that it had acquired 12,333 BTC since April through funds generated by selling shares.
- Michael Saylor, executive chairman of MicroStrategy, continues to be the largest shareholder and a key proponent for BTC. He personally holds tens of thousands of coins.
- As a software company, MicroStrategy reported $120.4 million in revenue for Q2 2023, reflecting a 1.4% decline from the same timeframe last year.
- However, operating expenses saw a significant reduction of 88.2% compared to the previous year, primarily due to experiencing only a $24.1 million impairment loss on its BTC holdings this quarter, in contrast to a $917.8 million loss in Q2 2022.
- During an earnings presentation on Tuesday, the company emphasized that its core business “is insulated from near-term Bitcoin price volatility.”
- While accumulating BTC, the company also raised its cash reserves from $43.8 million in Q4 2022 to $66 million.
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