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MicroStrategy remains bullish on Bitcoin

MicroStrategy, the business intelligence firm led by Michael Saylor, reported a Q2 net income of $22.2 million. The return to profitability can be largely attributed to the firm's extensive Bitcoin portfolio and the recent rally in Bitcoin prices. As of July 31, 2023, the company possessed a total of 152,800 bitcoins.

What's up

The actions of big companies in the crypto market wield significant influence, capable of swaying market trends and prices. Their investments reflect the expectations of large capital, validating the market's potential, and offering insights for individual investment strategies. However, it is always essential to conduct comprehensive research before making any investment decisions, bearing in mind that even giant corporations also make mistakes.

According to CFO Andrew Kang, the company continues to accumulate bitcoins amid a “promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity for Bitcoin”. Saylor tweeted today, announcing MicroStrategy’s Bitcoin purchases in July, wherein they produced an additional 467 BTC for $14.4 million.

Further signaling its confidence in Bitcoin,  MicroStrategy revealed plans to raise up to $750 million via a stock sale, as stated in a filing submitted to the SEC on August 1. The company contemplates the possibility of using these proceeds to further buy even more Bitcoin.

MicroStrategy’s Bitcoin investments

For up-to-date info about the company’s Bitcoin investment status, go to the saylortracker website. The platform displays a detailed graph of all Bitcoin purchases made by Microstrategy, plotted on a chart of BTC’s price. Additionally, a dotted line represents the average dollar value of these purchases.

Currently, the company is in a break-even position, having procured Bitcoin at an average price of $29,970, with the present value of around $29,500.

Also read:

August 2023: Bitcoin price prediction and opinions

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Maria Kachura
Maria Kachura

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