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Business intelligence firm MicroStrategy — one of the largest corporate holders of Bitcoin (
$64,599.00 ) (BTC) in the United States — managed to return to profitability in the second quarter amid a surge in the price of Bitcoin ( $64,599.00 ) .
In a Q2 earnings results filing posted on Aug. 1, MicroStrategy reported $22.2 million in net income, a massive swing from a net loss of $1.1 billion in the prior-year period. Total revenues were mostly flat at $120.4 million.
In July, @MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC. Please join us at 5pm ET as we discuss our Q2 2023 financial results and answer questions about the outlook for #BusinessIntelligence and # Bitcoin ( $64,599.00 ) . $MSTR https://t.co/SCHeBJ80TH
— Michael Saylor⚡️ (@saylor) August 1, 2023
Much of the swing was due to a comparatively smaller digital asset impairment loss of $24.1 million in the quarter, compared to a whopping $917.8 million in Q2 2022.
In MicroStrategy’s case, digital asset impairment occurs when the market price of Bitcoin ( $64,599.00 ) falls below the price at which the Bitcoin ( $64,599.00 ) was acquired.
The price of Bitcoin ( $64,599.00 ) hovered between $25,000 and $30,700 in the second quarter, with a notable rally in mid-June after several new spot Bitcoin ( $64,599.00 ) exchange-traded funds were filed to the Securities and Exchange Commission.
Bitcoin ( $64,599.00 ) price over the last three months. Source: Cointelegraph Markets Pro
“Our Bitcoin ( $64,599.00 ) holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021,” said MicroStrategy CFO Andrew Kang.
Kang said it used cash from operations to add more Bitcoin ( $64,599.00 ) to its balance sheet, and did so against the “promising backdrop” of institutional interest, accounting transparency and increasing regulatory clarity for Bitcoin ( $64,599.00 ) .
In a June 13 interview with Bloomberg, MicroStrategy chairman Michael Saylor said he believes recent enforcement actions from the Securities and Exchange Commission would eventually play out in favor of Bitcoin ( $64,599.00 ) — the only crypto excluded from being a security by SEC Chair Gary Gensler.
# Bitcoin ( $64,599.00 ) is clarity in a sea of Crypto chaos. pic.twitter.com/4MMpZS3Bd0
— Michael Saylor⚡️ (@saylor) August 1, 2023
The company acquired 12,333 Bitcoin ( $64,599.00 ) for $347 million in the quarter. As of July 30, the firm bought another 467 BTC, meaning its total Bitcoin ( $64,599.00 ) balance is worth $4.5 billion at current prices.
In a separate filing to the SEC, also filed on Aug. 1, the company revealed it is also planning to sell up to $750 million in stocks for the acquisition of Bitcoin ( $64,599.00 ) and other general corporate purposes.
Related: MicroStrategy buys $347M worth of Bitcoin ( $64,599.00 ) amid market thaw
The price of Bitcoin ( $64,599.00 ) has continued to creep upwards over 2023, surging 79% since the start of the year. It is currently trading at $29,206.80, according to Google Finance.
MicroStrategy’s share price has also witnessed a resurgence per Google Finance, starting at $145.02 per share on Jan. 3, and rising nearly 200% to $434.98 at the time of writing.
In July, analysts from New York-based investment firm Berenberg Capital posted a bullish outlook for MicroStrategy, noting that the upcoming Bitcoin ( $64,599.00 ) halving rally could see its shares gain significantly in price.
Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin ( $64,599.00 ) hits $1M
