MicroStrategy Grows Bitcoin Holdings; How Many BTC Will It Add In Q3?
Crypto News: MicroStrategy on Tuesday announced financial results for the second quarter that ended on June 30, 2023. The company revealed that it holds as many as 152,800 BTC as of July 31, 2023. The assets were bought for a cumulative cost of $4.53 billion, which translated to $29,672 per cryptocurrency. In its earnings presentation, the business intelligence company mentioned the recent rise in institutional interest in the crypto market, stating that there were other challenged like regulatory actions.
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Since the first quarter of 2023, the company bought 12,800 BTC with an average Bitcoin price of $28,233 spending $361.4 million. During the same time period, the MicroStrategy stock price saw a 200% rise. When it comes to the core business, MicroStrategy saw an increase of 4% year-over-year in revenue in software licenses business, whereas the subscription services revenue saw a 42% increase year-over-year.
MicroStrategy Bitcoin Holdings Grow
The continuous accumulation of the top cryptocurrency only reinforces the company’s position as the world’s largest institutional holder of Bitcoin currently. However, this position may be challenged in the months to come with the U.S. Securities and Exchange Commission’s (SEC) decision on approving spot Bitcoin ETF applications from the likes of Blackrock.
Andrew Kang, the Chief Financial Officer at the company, said the BTC accumulation continued in recent times “Despite promising backdrop of increasing institutional interest, progress on accounting transparency, and ongoing regulatory clarity for Bitcoin.” Also, the company indicated growth in the current quarter as well, with rise in recurring revenue from the enterprise cloud platform, despite “ongoing macroeconomic headwinds.”
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