Date: Thu, August 02, 2024, 04:03 AM GMT
MicroStrategy, the American software firm led by CEO Michael Saylor, is making waves in the cryptocurrency world again. Despite reporting a net loss in the second quarter, the company has announced plans to raise a staggering $2 billion to buy more Bitcoin as reported by Cointelegraph.
Current Holdings and Future Plans
MicroStrategy already holds a massive 226,500 BTC, valued at around $8.3 billion. Saylor, known for his strong belief in Bitcoin, aims to increase the company’s Bitcoin holdings by 4-8% annually over the next three years. This ambitious plan comes even as the company reported a $102.6 million net loss for the second quarter.
Earnings Report Highlights
In its recent earnings report, MicroStrategy revealed a total revenue of $111.4 million for Q2 2024. However, the company also reported a significant loss of $200 million, a stark contrast to the $26.7 million loss from the same period last year. Despite these financial setbacks, MicroStrategy’s stock price surged, reflecting investor confidence in Saylor’s Bitcoin-focused strategy.
Recent Bitcoin Acquisitions
In July, MicroStrategy acquired an additional 169 BTC for $11.4 million, bringing its total Bitcoin holdings to 226,500 BTC. The company bought these Bitcoins at an average price of $36,821 each. Since the beginning of Q2 2024, MicroStrategy has acquired 12,222 Bitcoin for $805.2 million, showing its unwavering commitment to its Bitcoin strategy.
Community Reactions
The cryptocurrency community has reacted positively to MicroStrategy’s announcement. Many praise Saylor’s dedication to Bitcoin, seeing it as a bold move that reinforces the digital asset’s value.
In summary, despite facing financial losses, MicroStrategy remains steadfast in its commitment to Bitcoin, planning to raise $2 billion to further expand its holdings. With Saylor at the helm, the company’s future in the cryptocurrency market looks promising.