MicroStrategy Bitcoin Investment Will Be Boosted With $2 Billion Share Offering Plan
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Read more: MicroStrategy’s Michael Saylor Expects Bitcoin to Soar to $13 Million by 2045
The improved performance came through a combination of reduced impairment losses and strategic increases in MicroStrategy Bitcoin investment, now sitting at 226,500 BTC. The stash had been acquired for a total of $8.3 billion at an average cost per Bitcoin of $36,821.
Adjusted loss per share was $7.62, better than the $8.26 loss per share posted in the prior quarter. The firm had returned EPS of $2.35 in the same quarter of 2023.
Apart from the financial results, it announced a new performance metric called “Bitcoin Yield” to denote the change in the ratio of Bitcoin holdings to the diluted outstanding shares.
MicroStrategy’s Q2 revenue came in at $111.4 million, missing the consensus for $122 million and not growing from the $115.2 million reached during the previous quarter. On the bright side, subscription services revenue rose 21% year over year to $24.1 million.
Looking forward, MicroStrategy files with the SEC for the green light to sell up to $2 billion in shares as the company continues buying up Bitcoin. The firm upsized its convertible senior notes offering by another $800 million and unveiled a 10-for-1 stock split, which is effective August 7.
MicroStrategy does not look to slow down the expansion of its portfolio and is one of the largest institutional holders of Bitcoin. The firm has just acquired 11,931 BTC for about $786 million and does not have any plans to sell its Bitcoin assets, Executive Chairman Michael Saylor said.
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