MicroStrategy Plans to Continue Amassing Bitcoin

Business intelligence software developer MicroStrategy will continue to invest in its “digital asset strategy,” CEO Michael Saylor said in the company’s second-quarter earnings announcement Thursday.

  • Saylor noted that the Tysons Corner, Va.-based company’s latest funding had allowed it to increase its digital holdings to more than 105,000 bitcoins.
  • “We continue to be pleased by the results of the implementation of our digital asset strategy,” he said, adding that “we intend to continue to deploy additional capital into our digital asset strategy.”
  • The software company has been purchasing enormous amounts of bitcoin since last August that it keeps in its treasury reserve.
  • The non-GAAP (generally accepted accounting principles) calculation of the market value of MicroStrategy’s bitcoin holdings as of June 30 was $3.65 billion, reflecting bitcoin’s market price of $34,763 at the time. The non-GAAP digital asset cost basis was $2.74 billion, or $26,080 per bitcoin.
  • MicroStrategy reported $125.4 million in revenue for the quarter, a 13.4% increase over the figure from the same period a year ago.
  • Shares of MicroStrategy were down 2.2% to $611.48 in after-hours trading Thursday following the release of the financial results.
Read more: MicroStrategy’s Most Recent Bond Drops Below Par as Bitcoin Sells Off