- MicroStrategy plans to raise $750 million to expand its Bitcoin holdings.
- MicroStrategy reports a net income of $22.2 million, a significant increase from the previous year.
- MicroStrategy’s acquisition of Bitcoins leads to a surge in cryptocurrency.
MicroStrategy, the business intelligence firm led by Michael Saylor, has announced its intention to raise approximately $750 million by selling stocks to expand its Bitcoin holdings. The company currently possesses a portfolio of 152,800 BTC, valued at $4.53 billion. Furthermore, in its second quarterly earnings report, MicroStrategy reported a net income of $22.2 million, representing a significant increase compared to the previous year’s loss of $1.1 billion.
In a recent submission to the Securities and Exchange Commission (SEC), MicroStrategy announced its plans to bolster its Bitcoin holdings by acquiring additional BTC coins. As a result, the cryptocurrency witnessed a remarkable surge. The statement conveyed a sentiment commonly expressed by experts in the crypto industry.
We may offer and sell shares of our class A common stock having an aggregate offering price of up to $750,000,000 from time to time through one or more of the Agents, acting as our sales agents.
MicroStrategy’s executive chairman, Saylor, recently took to Twitter to provide an update on the platform’s ongoing acquisition of Bitcoins, reaffirming the company’s unwavering enthusiasm for accumulating this digital asset. In April, MicroStrategy made a significant purchase of 1045 Bitcoins, amounting to approximately $29.3 million. This acquisition followed shortly after the company’s impressive disclosure of acquiring a substantial 6500 Bitcoins.
The quarterly report provided insights into MicroStrategy’s endeavor to acquire the cryptocurrency with the highest market capitalization in the crypto industry. During the initial quarter, the platform accumulated 12,800 Bitcoins, amounting to $361.4 million. In the subsequent quarter, MicroStrategy expanded its holdings by adding 12,333 Bitcoins. Andrew Kang, the company’s Chief Financial Officer, expressed, “This demonstrates our commitment and expertise in the crypto space.”
We efficiently raised capital through our at-the-market equity program and used cash from operations to continue to increase bitcoins on our balance sheet. And we did so against the promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity for Bitcoin.
Bitcoin, which had been trading around the $28,000 mark, experienced a significant increase of 2.48% following the announcement by MicroStrategy. Presently valued at $29,633.77, Bitcoin boasts a 24-hour trading volume of $19,688,414,825 and a market capitalization of $575,721,859,417, reaffirming its position as the leading cryptocurrency.
