Microstrategy Increases BTC Holdings by $805M in Q2
Key receivers
Microstrategy earned an average of 12,222 bitcoins during Q2, worth $65,882 each. The company announced a $102.6 million loss due to significant digital asset impairments.
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Business intelligence firm MicroStrategy bought 12,222 bitcoins worth $805.2 million as of early Q2 2024, bringing its total holdings to 226,500 BTC at an average cost of $36,821 per Bitcoin.
For July, the company's founder and chairman, Michael Saylor, announced that he had acquired an additional 169 BTC for $11.4 million on X.
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, $BTC outlook and #Bitcoin development strategy. $MSTR
— Michael Saylor⚡️ (@saylor) August 1, 2024
The company reported subscription services revenue of $24.1 million for Q2, up 21 percent year-over-year. However, total revenues decreased 7.4% to $111.4 million compared to Q2 2023.
Microstrategy posted a net loss of $102.6 million in the quarter, largely due to a $180.1 million impairment loss on its bitcoin holdings. The company ended Q2 with $66.9 million in cash and cash equivalents.
In June, Microstrategy issued $800 million of convertible notes due 2032 and announced the redemption of $650 million of convertible notes due 2025. The company introduced a new “BTC production” measure, which calculates an annual growth of 4-8% in terms of share of bitcoin holdings over the next three years.
The introduction of MicroStrategy's aggressive bitcoin stock strategy and new performance metrics underscores its continued focus on integrating bitcoin into its corporate treasury and operations.
Although short-term bitcoin price volatility will affect quarterly results, the company aims to use its status as the largest corporate bitcoin holder to drive shareholder value.
In June, Microstrategy issued $500 million in convertible notes, adding 11,931 BTC to its treasury a few days later.
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