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.

Earlier today, MicroStrategy’s executive chairman Saylor took to Twitter to share the update on the platform’s acquisition of Bitcoins, reiterating the company’s enthusiasm in accumulating the cryptocurrency. In April, MicroStrategy bought 1045 Bitcoins at an overall price of around $29.3 million, shortly after disclosing a whopping purchase of 6500 Bitcoins.

Meanwhile, the quarterly report shed light on the journey of MicroStrategy in acquiring the largest cryptocurrency by market cap. While in the first quarter, the platform amassed 12,800 Bitcoins for a total amount of $361.4 million, MicroStrategy added 12,333 Bitcoins to its stash in the second quarter. Andrew Kang, the company’s Chief Financial Officer stated:

We efficiently raised capital through our at-the-market equity program and used cash from operations to continue to increase bitcoins on our balance sheet. And we did so against the promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity for Bitcoin.

Bitcoin, which was hovering around the 28k range on the last day, exhibited a substantial surge of 2.48%, subsequent to MicroStartegy’s revelation. Currently standing at $29,633.77, Bitcoin holds a 24-hour trading volume of $19,688,414,825 and a market cap of  $575,721,859,417, reaffirming its dominance in the crypto market.