MicroStrategy is one of the Bitcoin (BTC) whales in the US Market. MicroStrategy a Business Intelligence Firm recently announced its Bitcoin (BTC) investment.
Andrew Kang, Chief Financial Officer of Microstrategy, stated that they raised capital… and used cash from operations to continue to increase bitcoins on their balance sheet.
The firm announced that it had purchased 12,333 BTC for $347 million for an average of $28,136 per BTC. This is the latest addition done by the firm. The total number of Bitcoin held by Microstrategy is 152800 BTC which is around $4.53 billion.
Michael Saylor, the executive chairman of the firm, is the firm’s largest shareholder and a vocal supporter of Bitcoin.
Microstrategy reported its Q2 2023 revenue which is $120.4 million, approx 1.5% down from last year.
The firm has also reduced its operating expenses by 88%. This was the result of the reduction in impairment loss on its BTC holding compared to last year’s Q2 loss.
There is a continuous rise in the cash holdings of the firm from Q2 2024.
Microstrategy also stated that its stock has outperformed several indexes and assets in the markets. One of the main reasons behind this rise of Microstrategy is said to be the firm’s Bitcoin Adoption.
The stocks of the firm have almost given a 254% return after its Bitcoin adoption. Bitcoin has also outperformed all other assets and has given 145% returns.
Micheal Saylor and Microstrategy have always stated Bitcoin is a “store of value” and they aim to buy more Bitcoin in the future.