MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin
The business got 12,333 Bitcoin for $347 million in the quarter. In a different filing to the SEC, likewise submitted on Aug. 1, the company exposed it is likewise planning to sell up to $750 million in stocks for the acquisition of Bitcoin and other basic business purposes.Related: MicroStrategy buys $347M worth of Bitcoin in the middle of market thawThe rate of Bitcoin has continued to creep upwards over 2023, surging 79% considering that the start of the year. In July, analysts from New York-based investment company Berenberg Capital published a bullish outlook for MicroStrategy, noting that the upcoming Bitcoin halving rally might see its shares gain significantly in price.Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin strikes $1M.
Business intelligence company MicroStrategy– one of the biggest business holders of Bitcoin (BTC) in the United States– handled to return to success in the 2nd quarter in the middle of a rise in the rate of Bitcoin.In a Q2 revenues results filing published on Aug. 1, MicroStrategy reported $22.2 million in net earnings, a huge swing from a net loss of $1.1 billion in the prior-year period. In July, @MicroStrategy obtained an additional 467 BTC for $14.4 million and now holds 152,800 BTC.
In MicroStrategys case, digital asset impairment occurs when the market price of Bitcoin falls below the cost at which the Bitcoin was gotten. Source: Cointelegraph Markets Pro” Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest boost in a single quarter because Q2 2021,” stated MicroStrategy CFO Andrew Kang.Kang stated it used cash from operations to add more Bitcoin to its balance sheet, and did so versus the “appealing backdrop” of institutional interest, accounting transparency and increasing regulative clarity for Bitcoin. In a different filing to the SEC, likewise filed on Aug. 1, the company revealed it is likewise planning to sell up to $750 million in stocks for the acquisition of Bitcoin and other general business purposes.Related: MicroStrategy purchases $347M worth of Bitcoin in the middle of market thawThe cost of Bitcoin has continued to sneak upwards over 2023, surging 79% given that the start of the year.
In MicroStrategys case, digital asset impairment occurs when the market price of Bitcoin falls listed below the rate at which the Bitcoin was obtained. The rate of Bitcoin hovered between $25,000 and $30,700 in the second quarter, with a notable rally in mid-June after numerous new spot Bitcoin exchange-traded funds were filed to the Securities and Exchange Commission. Source: Cointelegraph Markets Pro” Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest boost in a single quarter since Q2 2021,” stated MicroStrategy CFO Andrew Kang.Kang stated it utilized cash from operations to add more Bitcoin to its balance sheet, and did so against the “appealing background” of institutional interest, accounting openness and increasing regulatory clarity for Bitcoin.