In its second quarter earnings report, MicroStrategy reported that it holds a total of 152.800 BTC.
Michael Saylor's American business intelligence company, MicroStrategy, reported a new bitcoin acquisition of 467 BTC, with an investment of $14,4 million.
In total, the company owns 152.800 BTC, whose value is above $4.540 billion dollars, according to the current price of the cryptocurrency in the market, of $29.800 dollars per unit.
By June 28, MicroStrategy had reported a total of 152.333 BTC on its corporate balance sheet, so the new bitcoins held by the company were acquired during the month of July.
Of the 152.800 BTC that MicroStrategy currently owns, 12.800 BTC were acquired during the second quarter of the year, this being the largest investment made in the cryptocurrency in a single quarter, as reported by the company in the presentation of its Q2 earnings report. 2023.
MicroStrategy reported an investment of $4.530 billion to date for the purchase of the 152.800 BTC it currently holds.
MicroStrategy will continue with its Bitcoin investment strategy
On its second quarter earnings results, the business intelligence company reported total revenue of $120,4 million, down 1% year over year.
Despite the volatility in the Bitcoin and cryptocurrency market, the current CEO of MicroStrategy, Phong Le, assured that the company's main business has not been affected by BTC price fluctuations, despite the fact that it maintains a large amount of money in this cryptocurrency.
Lee also confirmed, during the investor call, that MicroStrategy will continue to maintain its long-term Bitcoin investment strategy. The company's CEO explained that MicroStrategy has been using cash from its operations and raising capital efficiently, through its capital-in-market program, to continue increasing the amount of bitcoins it maintains on its balance sheet.
The company's chief financial officer, Andrew Kang, also stated that the investment strategy in Bitcoin remains solid, thanks to the current context in which Bitcoin is developing. Kang highlighted growing interest from institutional investors, further progress in accounting transparency, and increasing regulatory clarity for the crypto industry as key drivers for MicroStrategy's BTC investment strategy.
Since 2020, the company has been acquiring bitcoins on a recurring basis, implementing a strategy known as Dollar Cost Average (DCA). This same strategy has allowed the company to establish itself as the largest institutional investor in Bitcoin to date, surpassing other public companies such as Marathon Digital Holding, Tesla and Block.
Now, MicroStrategy plans to issue up to $750 million in shares to finance the purchase of new bitcoins, in order to continue its long-term investment strategy in the cryptocurrency.
Bitcoin gains 2% in the last hours
At the time of writing this article, Bitcoin is trading on the market with a price of $29.800 per unit. According to the CoinMarketCap platform, the market-leading cryptocurrency has gained 2,11% in the last 24 hours.
Source: CoinMarketCap
The daily trading volume with Bitcoin has also increased exponentially this Tuesday, exceeding $19.500 billion per day, according to platform data. This represents an increase of more than 69% in the volume of trading with the cryptocurrency compared to last Monday.
Currently, Bitcoin is the second most traded cryptocurrency in the crypto market, below the USDT stablecoin, which is moving more than $28.000 billion in trading volume per day.
Continue reading: TD Cowen: Bitcoin is a potentially greater store of value than other forms of money
