MicroStrategy Incorporated (Nasdaq: MSTR) continues to make waves in the cryptocurrency world as it reported its financial results for Q2 2024, showcasing a significant increase in its Bitcoin holdings. The company acquired 12,222 bitcoins since the beginning of the quarter, at an average price of $65,882 per bitcoin, bringing its total holdings to 226,500 BTC, purchased for $8.3 billion at an average cost of $36,821 per bitcoin, as of July 31st.
In a recent announcement, MicroStrategy CEO Michael Saylor revealed that in July alone, the company acquired an additional 169 BTC for $11.4 million, further solidifying its position as a major player in the cryptocurrency market. Saylor also highlighted the company’s focus on its Bitcoin strategy, introducing “BTC Yield” as a key performance indicator to measure the company’s Bitcoin holdings relative to its diluted shares outstanding.
Aside from its Bitcoin acquisitions, MicroStrategy also saw a 21% year-over-year increase in subscription services revenues, totaling $24.1 million. The company successfully raised $800 million through a convertible senior notes offering and announced a 10-for-1 stock split effective August 7, 2024.
CFO Andrew Kang emphasized the company’s strategic approach to managing its equity capital, stating, “Since the beginning of Q2, we grew our bitcoin holdings by adding 12,222 bitcoins through proceeds from our capital markets activities and excess cash. We continue to closely manage our equity capital, and are filing a registration statement for a new $2 billion at-the-market equity offering program.”
With its impressive Bitcoin holdings and strategic financial moves, MicroStrategy remains a key player in the cryptocurrency space, demonstrating its commitment to maximizing shareholder value through intelligent leverage and strategic investments.
