MicroStrategy announced its financial report. The company once again increased its holdings of Bitcoin. As of July 31, 2023, it held a total of 152,800 Bitcoins with a total cost of US$4.53 billion. Benefiting from Bitcoin's rebound this year, the company's stock price has also risen sharply, with an increase of 199.94% so far this year.

MicroStrategy, the listed company that holds the largest number of Bitcoins in the United States, announced its second quarter 2023 financial report on Tuesday (1st), with revenue of US$120 million, but it has turned a profit, with a net profit of US$22.2 million. This is a significant increase from the loss of nearly US$1.1 billion in the same period last year, which is mainly due to the sharp recovery in the price of Bitcoin this year.

Micro Strategy to Buy Bitcoin Again

The financial report shows that MicroStrategy purchased 12,800 Bitcoins at a price of $361.4 million in the second quarter, with a unit cost of $28,233, which was the largest single-quarter purchase since the second quarter of 2021.

After the second quarter financial calculation ended, MicroStrategy purchased another 467 Bitcoins for approximately US$14.4 million in July. As of July 31, 2023, a total of 152,800 Bitcoins were held, with a total cost of US$4.53 billion and a unit cost of US$29,672 (currently floating profit).

MicroStrategy stock price has risen more than 199.9% so far this year

Benefiting from Bitcoin's rebound this year, the stock price of MicroStrategy (MSTR) has also experienced a sharp rise this year, rising from a low of about US$140 at the beginning of the year to US$434.98. The year-to-date increase is as high as 199.94%, and its performance has also significantly outperformed Bitcoin spot. .

MicroStrategy plans to issue new shares that may be used to buy Bitcoin, among other uses

On the other hand, MicroStrategy also submitted a prospectus to the SEC this week and has reached sales agreements with three investment banks, Cowen, Canaccord Genuity and Berenberg, and intends to sell up to US$750 million of Class A common shares.

Regarding how the funds will be used, MicroStrategy stated in the document:

Proceeds from the issuance will be used for general corporate purposes, including purchasing Bitcoin, working capital, and repurchasing or repaying debt depending on market conditions.