The post MicroStrategy Reports Q2 Loss, Boosts Bitcoin Holdings by $11 Million appeared on BitcoinEthereumNews.com.

American software firm MicroStrategy released its second-quarter earnings report on Thursday, noting a net loss of $102.6 million. The company, co-founded by Bitcoin maximalist Michael Saylor, reported total revenue of $111.4 million as well as a loss of $200 million in the second quarter of 2024, compared to a loss of $26.7 million at the same time last year. The company also noted its subscription services business saw revenues of $24.1 million, a 21% year-over-year increase. In terms of its digital asset investments, MicroStrategy said it acquired an additional 169 BTC in July for $11.4 million, bringing its total Bitcoin holdings to 226,500 BTC, worth around $14.7 billion. According to MicroStrategy, each Bitcoin was purchased at an average price of $36,821. Since the beginning of the second quarter of 2024, MicroStrategy said it had acquired 12,222 Bitcoin for $805.2 million. “We remain laser-focused on our Bitcoin development strategy and intend to continue to achieve positive ‘BTC Yield,’ which is a new KPI that we are introducing, targeting 4-8% annually over each of the next three years,” MicroStrategy President and CEO Phong Le said in a statement. Microstrategy also cited the recent Bitcoin 2024 conference as a positive sign. “We are extremely optimistic with the improved understanding of Bitcoin and the increasing support for the ecosystem from bipartisan politicians and institutions on display at the Bitcoin 2024 Conference in Nashville,” Le said. According to the MicroStrategy report, in the second quarter, MicroStrategy raised $800 million by issuing 2.25% convertible notes due 2032 and redeemed $650 million notes due 2025. “Through our use of intelligent leverage, we have again achieved a ‘BTC Yield’ of 12.2% year-to-date, which we believe demonstrates significant Bitcoin accretion to shareholders,” MicroStrategy Chief Financial Officer Andrew Kang said. Already the largest institutional holder of Bitcoin, MicroStrategy bought another…

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Filed under: News - @ August 3, 2024 10:16 pm