MicroStrategy Plans to Sell Stock to Acquire More Bitcoin
MicroStrategy, a company that currently holds 152,800 Bitcoin in its portfolio, has announced its plan to sell 750 million shares of stock in order to acquire more Bitcoin. This decision was reported in an SEC filing on August 1. MicroStrategy’s CEO, Michael Saylor, confirmed the company’s intention to acquire more Bitcoin through updates on Twitter. Additionally, the company reported $22.2 million in net income, a significant increase compared to last year’s period.
Key Points:
– MicroStrategy plans to sell 750 million shares of stock to acquire more Bitcoin
– The company currently holds 152,800 Bitcoin in its portfolio
– MicroStrategy reported $22.2 million in net income, a significant increase from last year
– The decision to acquire more Bitcoin positively impacted the price of the cryptocurrency
– Bitcoin had better overall performance than altcoins during Q2 of 2023
During the second quarter of 2023, Bitcoin outperformed the total crypto market cap with a 6.9% gain. Coingecko’s report also highlighted that Bitcoin reached a yearly high of $30,694 after the announcement of BlackRock’s spot Bitcoin ETF filing on June 15.
Closing: MicroStrategy’s decision to acquire more Bitcoin showcases the growing interest in cryptocurrencies among companies. As Bitcoin continues to perform well, more companies may follow MicroStrategy’s lead in adding Bitcoin to their portfolios as a long-term investment.
By
By
By
