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MicroStrategy Releases Q2 Report; Plans to Buy More Bitcoins

Published 02/08/2023, 07:48
Updated 02/08/2023, 08:15
MicroStrategy Releases Q2 Report; Plans to Buy More Bitcoins

  • MicroStrategy’s quarterly earning report stated that the firm has a net income of $22.2 million in Q2.

  • The income marks a substantial surge from the last year’s loss of $1.2 billion.

  • The firm also revealed its plans to buy more Bitcoins, raising around $750 million by selling stocks.

MicroStrategy, Michael Saylor’s business intelligence firm, revealed its plans to raise about $750 million by selling stocks to add more Bitcoins to the current portfolio which holds a total of 152,800 BTC, worth $4.53 billion. Additionally, in the second quarterly earnings report, the platform noted the company’s net income of $22.2 million, marking a massive jump from the last year’s loss of $1.1 billion.

In a recent filing to the Securities and Exchange Commission (SEC), MicroStrategy declared that the platform intends to strengthen its Bitcoin portfolio by adding more BTC coins, following which the cryptocurrency experienced an astounding hike. The statement read:

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.

Ea…

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