MicroStrategy, Michael Saylor’s company, continues its massive investment in Bitcoin with the acquisition of 467 BTC in July, bringing its total investment to 152,800 BTC. At the same time, the company plans to sell shares with a view to financing its business and investing even more in Bitcoin.
MicroStrategy continues to invest in Bitcoin
Software publisher MicroStrategy continues to invest heavily in Bitcoin: founder Michael Saylor announced last night that the company had acquired 467 BTC over the month of July, bringing its total investment to 152,800 BTC, or over $4.5 billion at the current exchange rate.
In July, @MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC. Please join us at 5pm ET as we discuss our Q2 2023 financial results and answer questions about the outlook for BusinessIntelligence and Bitcoin $MSTR https://t.co/SCHeBJ80TH
– Michael Saylor⚡️ (@saylor) August 1, 2023
MicroStrategy has acquired 12,800 Bitcoin since the first quarter of this year, for a total of $361.4 million, or $28,233 per BTC. As we reported back in June, McrioStrategy had acquired more than 12,000 Bitcoin in just 3 months, a staggering amount boosted in particular by the company’s shares, as Andrew Kang, its CFO, explains:
“We have effectively raised capital through our market share program and used cash from operations to continue to increase the number of Bitcoins on our balance sheet. And we did so against a promising backdrop of growing institutional interest, progress in accounting transparency and continued regulatory clarity for Bitcoin. “
Encouraging financial results for Michael Saylor’s company
In comparison with last year, MicroStrategy presents encouraging figures: the company reported a net profit of $22.2 million over the last quarter, compared with a loss of over $1 billion over the same period in 2022. Quarterly sales, however, remained stable at $120.4 million.
The company’s strongest growth came from its subscription services, where revenues climbed 42% year-on-year to $19.9 million. Phong Le, MicroStrategy’s President and CEO, is also very confident about the future, thanks to MicroStraegy ONE, a new product based on artificial intelligence (AI):
“Our new MicroStrategy ONE platform is the most important product innovation in our company’s history, as it represents a fundamental shift in our industry to harness the power of business intelligence and artificial intelligence to improve the way companies do business. Our recurring sales growth this quarter illustrates the strength of our enterprise cloud platform, despite the current macroeconomic headwinds. “
Via a document recently filed with the SEC, we learn that MicroStrategy also intends to sell the equivalent of $750 million in Class A shares to fund the company’s business, certain operational expenses and, most importantly, to buy more BTC.
MicroStrategy is the company that currently holds the most BTC, far ahead of Marathon Digital and Tesla.
