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- MicroStrategy currently holds 226,500 Bitcoin tokens after recent purchases.
- The firm released its Q2 financial reports in the last 24 hours.
US-based Software intelligence firm, Microstrategy released its Q2 reports in the last 24 hours. The firm is one of the key players in the cryptocurrency sector and has drawn attention in the past few weeks. Its current Bitcoin holdings stand at 226,500 worth approximately $14 billion.
Notably, the company purchased the tokens at a total cost of $8.3 billion, at an average price of $36,821 per Bitcoin according to its report. Moreover, within the last quarter, MicroStrategy purchased 12,222 BTC for $805.2 million. Additionally, the company also introduced a new key performance indicator – BTC Yield.
The BTC Yield shows MicroStrategy’s performance in its ‘Bitcoin Strategy’. The BTC Yield for Q2 stood at a year-to-date 12.2%. Moreover, the firm also recorded $24.1 million in Subscription services revenue which is a 21% year-over-year increase.
CEO Phong Le stated in the Q2 report:
“We remain laser focused on our Bitcoin development strategy and intend to continue to achieve positive “BTC Yield,” which is a new KPI that we are introducing, targeting 4-8% annually, over each of the next three years.”
Furthermore, the firm also reported a net loss of $123 million in Q2 2024, improving from $137 million in Q2 2023. Additionally, it reported a total revenue of $226,688 as of June 30, 2024. This is a reduction from the previous year when total revenue stood at $242,315.
MicroStrategy’s BTC Purchases in the Past Months
The firm has been accumulating Bitcoin tokens since 2021, parallel to its aforementioned ‘Bitcoin Strategy’. In 2024, MicroStrategy purchased 12,254 BTC in total with significant purchases in June and August.
Moreover, the company purchased 154 tokens in January, after which it purchased 11,931 tokens in June. This significant purchase caught market attention as the purchase occurred amid a spur in BTC price activity as inferred from CMC data. Furthermore, the firm expects to make additional BTC purchases in the coming months.
Finally, several other cryptocurrency firms and exchanges released their Q2 reports. Notably, Coinbase reported an 11% revenue dip in Q2 2024.
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