MicroStrategy Buys Another 420 BTC For $14.4 Million

Estimated read time 2 min read

Bitcoin (BTC) whale MicroStrategy announced on Tuesday that it has gobbled up another 420 BTC since its last announcement in June.
This brings the company’s total holdings up to 152,800 BTC worth $4.46 billion.

According to MicroStrategy’s Q2 earnings report, the firm’s 12,800 BTC acquired since Q1 was acquired for $28,233 per coin – below the asset’s current market price of $29,195.
However, the company’s average purchase price for its total BTC holdings remains at $29,672, slightly above the market price.

“We efficiently raised capital through our at-the-market equity program and used cash from operations to continue to increase bitcoins on our balance sheet,” stated Andrew Kang, CFO of MicroStrategy.

The CFO added that Bitcoin has a promising backdrop of “increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity.”
In late June, MicroStrategy announced that it had purchased 12,333 BTC since April through money raised by the company selling shares.
MicroStrategy executive chairman Michael Saylor remains the firm’s largest shareholder and primary advocate for BTC. He personally owns tens of thousands of coins.
As a software business, MicroStrategy reported $120.4 million in revenue in Q2 2023, down 1.4% from the same period last year.
Operating expenses, however, were down a whopping 88.2% compared to last year. That’s largely due to only suffering a $24.1 million impairment loss on its BTC holdings this quarter, versus a $917.8 million loss in Q2 2022.
During an earnings presentation on Tuesday, the company asserted that its core business “is insulated from near-term Bitcoin price volatility.”
While stacking BTC, the company also increased its cash holdings since Q4 2022 from $43.8 million to $66 million.

The post MicroStrategy Buys Another 420 BTC For $14.4 Million appeared first on CryptoPotato.

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