MicroStrategy back in the black as bitcoin holdings continue to rise

Quick Take

  • Software firm MicroStrategy reported it bought an additional 467 bitcoin, bringing its total to 152,800, currently worth about $4.5 billion.
  • The company also reported a net income of $22.2 million for the second quarter, returning to profitability. 

Michael Saylor's MicroStrategy, a software firm known for its bullish bets on the world's largest crypto, said it acquired another 467 bitcoin as it released its second-quarter earnings on Tuesday.

That brings the company’s total holding to 152,800 bitcoin, currently worth just under $4.5 billion, according to CoinGecko. 

“In July, MicroStrategy acquired an additional 467 bitcoin for $14.4 million,” Saylor said on Twitter. That followed the company reporting in June the purchase of 12,333 bitcoin, according to a Securities and Exchange Commission filing.

Chief Financial Officer Andrew Kang said in a statement that the company had continued to stockpile bitcoin "against the promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity."

Return to profitability 

MicroStrategy also reported a net income of $22.2 million for the second quarter of the year compared to a loss of nearly $1.1 billion during the same period in 2022. The company said it had a digital impairment loss of $24.1 million during the quarter, a major decrease from the $917.8 million registered during the same period the previous year.

Total quarterly revenues were close to flat year-on-year at $120.4 million, said MicroStrategy.

Analysts at Berenberg Capital Markets, last month, increased their price target for MicroStrategy to $510 from $430. MicroStrategy shares declined 1.2% in post-market trading to $429.67, according to TradingView

(Corrects headline to show that additional bitcoin purchases occurred in July.)

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