MicroStrategy Reaches 226,500 Bitcoin After a Successful Q2 2024!

MicroStrategy recently announced its financial results for the second quarter of 2024, revealing a significant increase in its bitcoin holdings.

MicroStrategy announced its financial results for the second quarter of 2024 on Monday, revealing a significant increase in its bitcoin holdings.

The company now holds 226,500 BTC, acquired at a total cost of $8.3 billion, or an average price of $36,821 per bitcoin.

MicroStrategy adds 12,222 BTC in Q2 2024

Out of the total bitcoin acquired in the second quarter, MicroStrategy purchased 12,222 BTC for an average price of $65,882 per bitcoin, at a total cost of $805.2 million.

The company added that it acquired these bitcoins at an average price of $36,821, bringing its total bitcoin holdings cost to $8.3 billion.

Moreover, MicroStrategy said that it had an average bitcoin holding price of $30,135 at the end of the second quarter.

As reported, MicroStrategy began adding bitcoin to its treasury holdings in August 2020, and it has since made several large purchases.

The company’s bitcoin holdings are now valued at over $24 billion, based on the current market price of BTC.

MicroStrategy also introduced a new key performance metric (KPI) called “BTC Yield.” This metric measures the company’s bitcoin yield, which has reached 12.2% since the beginning of the year.

According to MicroStrategy, its goal is to maintain an annual yield of 4 to 8% over the next three years.

The company’s net loss was mainly driven by bitcoin impairment charges

In addition to the bitcoin updates, MicroStrategy reported a net loss of $102.6 million for the second quarter of 2024, compared to a net income of $24.8 million in the same period last year.

The company’s net loss per share, on a fully diluted basis, was $0.42 in Q2 2024, compared to net earnings per share of $0.10 in Q2 2023.

However, MicroStrategy said that excluding bitcoin impairment charges, it had a net income of $63.4 million, compared to a net loss of $31.2 million in the same period last year, excluding bitcoin impairment losses.

According to the company, its net loss for the first half of 2024 was $205.2 million, compared to a net loss of $103.4 million in H1 2023.

MicroStrategy also announced that it raised an additional $800 million through a 2.25% convertible note issuance, maturing in 2032.

The company had previously announced a $1.6 billion stock-backed loan to purchase more bitcoin in March.

Furthermore, MicroStrategy announced a 10-for-1 stock split, which will be effected in the form of a stock dividend on August 25, 2024.

The company’s board of directors declared a dividend of nine additional shares of common stock for each share of common stock held by stockholders of record at the close of business on August 11, 2024.