MicroStrategy added 467 BTC to balance sheet in July

As of June 28, MicroStrategy held 152,333 bitcoins

article-image

Vjom/Shutterstock modified by Blockworks

share

Michael Saylor’s MicroStrategy released earnings on Tuesday after the bell. 

The stock is up 200% year to date and is inching closer to its 52-week high of $478 with its Tuesday closing price of $434. Investors reacted somewhat negatively to the earnings, sending the stock down slightly after hours.

The company owns 152,800 bitcoins as of July 31, having added 467 BTC more than the 152,333 BTC it reported at the end of June. 

According to Andrew Kang, MicroStrategy’s chief financial officer: “The addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021.”

Loading Tweet..

In total, the company spent $4.53 billion, marking a price of $29,672 per bitcoin. Bitcoin sits around $29,000 currently, up over 27% over the past year, according to data from CoinGecko. 

The company previously bought more than 13,000 bitcoins, according to a filing from late June. 

However, the company included an impairment charge, stating that “operating expenses include impairment losses on the Company’s digital assets, which were $24.1 million during the second quarter of 2023, compared to $917.8 million in the second quarter of 2022.”

Dan Weiskopf, co-portfolio manager of Amplify Investments Transformational Data Sharing ETF, previously told Blockworks that “few investors and companies are actually positioned to see revenue growth from AI” but MicroStrategy might be the exception, though clarity is needed.

Last week, TD Cowen released a note on MicroStrategy initiating coverage on the company and gave it a $520 price target. Analysts wrote that the company “represents a new kind of firm, which generates dollar-based cash flow from enterprise software and cloud services but then converts its excess cash flow – on an effectively-leveraged basis – into Bitcoin. “

“While investors may ultimately be able to buy bitcoin outright or through potential Bitcoin ETFs, network and management fees can erode returns. We view MSTR as superior with respect to simplified custody, liquidity, exposure to derivatives, downside protection, operating leverage, and financial leverage,” the analysts said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit