Microstrategy Reports Holding 226,500 Bitcoins in Q2 Earnings, Revenue Declines 7.4%
Bitcoin development company MicroStrategy reported that it has expanded its Bitcoin holdings to 226,500 in the second quarter of 2024 highlighting the firm’s ongoing strategic focus on Bitcoin acquisition.
The software firm reported in its second quarter, it has acquired an additional 12,222 bitcoins, investing $805.2 million at an average price of $65,882 per bitcoin.
In its earnings call the company reported that it has expanded its Bitcoin holdings to 226,500 bitcoins as of July 31, with an aggregate purchase price of approximately $8.3 billion, averaging $36,821 per bitcoin.
Microstrategy shares were trading $1,511.81, down 6% at market close on Thursday.
MicroStrategy reported second-quarter revenue was $111.4 million, a 7.4% decrease, compared to the second quarter of 2023.
In addition to its cryptocurrency activities, MicroStrategy reported growth in its software business with its subscription services revenues reaching $24.1 million, marking a 21% increase year-over-year.
However, its product licenses and subscription services revenues were $33.4 million, a 5.7% decrease compared to the second quarter of 2023. MicroStrategy reports its product support revenues were $61.7 million, down 6.6%, compared to the second quarter of 2023.
The company continues to focus more on its aggressive Bitcoin buying strategy. MicroStrategy executive chairman Michael Saylor continues to make huge investments in Bitcoin reflecting the firm’s commitment to leveraging crypto as a key component of its financial strategy.
In March, Saylor said he sees no reason to sell any of his Bitcoin anytime soon,
The increase in holdings was supported by the company’s capital markets activities, including the issuance of $800 million in 2.25% convertible
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