Michael Saylor MicroStrategy now holds 226,500 BTC after acquiring additional 169 BTC
Founder of MicroStrategy Michael Saylor announced on August 1st that the company now owns 226,500 Bitcoin (BTC) after purchasing an additional 169 BTC in July for $11.4 million.
In July, @MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC. Please join us at 5pm ET as we discuss our Q2 2024 financial results, the outlook for $BTC, and our #Bitcoin development strategy. $MSTRhttps://t.co/cfGPc42jfM
— Michael Saylor⚡️ (@saylor) August 1, 2024
The world's first bitcoin development company and the largest corporate bitcoin holder, MicroStrategy, today released 2024 financial results for the second quarter (three-month period) that concluded on June 30, 2024.
Following yet another profitable quarter for its Bitcoin strategy, MicroStrategy now owns 226,500 bitcoins, indicating a current market value 70% higher than the company cost basis. "We are still completely committed to our three-year plan of developing Bitcoin, and we plan to maintain positive "BTC Yield," a new KPI that we are introducing and aiming for 4-8% yearly," according to the company press release.
MicroStrategy President and CEO Phong Le said the company's cloud-based BI and AI software is also being used more extensively globally, as shown by another quarter of strong double-digit growth in subscription revenue and billings. With a better understanding of bitcoin and growing support for the ecosystem from institutions and politicians of both parties, we are very optimistic about adoption, as evidenced by the Bitcoin 2024 Conference in Nashville, Le added.
Andrew Kang, MicroStrategy's chief financial officer, said that by offering 2.25% convertible senior notes due 2032 and calling in our $650 million convertible senior notes due 2025, MicroStrategy was able to raise an additional $800 million in Q2. With the proceeds from the company's capital markets activities and excess funds, we have increased our bitcoin holdings by 12,222 BTC since the start of Q2. Earlier this month, we also announced a 10-for-1 stock split. In addition to filing a registration statement for a new $2 billion at-the-market equity offering program, we are still closely managing our equity capital. We believe that our achievement of a 12.2% year-to-date "BTC Yield" through the intelligent use of leverage shows significant bitcoin accretion to shareholders.
The company had previously declared a 10-for-1 stock split between its class A and class B common stock by its board of directors. As part of the stock split, the company's class A and class B common stock will receive a stock dividend as of the close of business on August 1, 2024, the dividend record date. Dividend payments are expected to be made on August 7 after trading closes, and on August 8 at market open, split-adjusted trading will begin. The information presented is entirely on a pre-split basis, the post added.
Michael Saylor MicroStrategy continues to focus on its plan to acquire additional Bitcoins. The company did, however, suffer large impairment losses as a result of fluctuations in the price of BTC, which led to a second consecutive quarterly loss.
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