Microstrategy Boosts Bitcoin Holdings to 152,800 Coins
Microstrategy, a Nasdaq-listed company, has announced its second-quarter financial results, revealing that it has acquired 12,800 bitcoins during Q2 for a total cost of $361.4 million. As of July 31, the company holds a total of 152,800 bitcoins, acquired for a total cost of $4.53 billion. Microstrategy’s founder, Michael Saylor, confirmed the acquisition on Twitter, stating that an additional 467 BTC were purchased for $14.4 million in July. The company has been actively accumulating bitcoin since April.
Key Points:
- Microstrategy acquired 12,800 bitcoins during Q2, bringing its total holdings to 152,800 BTC.
- The bitcoins were purchased for a total cost of $361.4 million.
- Microstrategy’s founder, Michael Saylor, confirmed the acquisition on Twitter.
- The company also plans to launch Lightning Rewards, an enterprise platform that incentivizes employees and customers with instant satoshi rewards.
- Microstrategy has entered into a sales agreement to sell shares of its common stock, with proceeds intended for the acquisition of more bitcoin and general corporate purposes.
$750M Agreement and a Plan to Buy More Bitcoin
Microstrategy has entered into a sales agreement with three companies to sell shares of its class A common stock, with an aggregate offering price of up to $750 million. The company plans to use the net proceeds for general corporate purposes, including the acquisition of bitcoin and the repurchase or repayment of its debt. Bitcoin is currently trading at $29,435, representing a year-to-date increase of over 77%.
Hot Take:
Microstrategy’s continued accumulation of bitcoin demonstrates its long-term bullish stance on the cryptocurrency. By expanding its holdings and developing new platforms, the company is positioning itself as a major player in the crypto space. With the recent surge in bitcoin’s price, Microstrategy’s investment has already proven to be highly profitable.
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