MicroStrategy Plans to Continue Amassing Bitcoin
30 Jul, 2021•1 min read•Bitcoin
Business intelligence company MicroStrategy will continue investing in its “digital asset strategy,” the company’s CEO Michael Saylor said in its Q2 earnings announcement Thursday.
Saylor noted that the Tysons Corner, Va.-based company's latest funding had allowed the firm 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 "going forward, we intend to continue to deploy additional capital into our digital asset strategy.” The software firm has been purchasing enormous amounts of bitcoin since last August that it keeps in its treasure reserve. The non-GAAP (generally accepted accounting principles) calculation of the market value of MicroStrategy's current bitcoin holdings as of June 30 was $3.653 billion, reflecting bitcoin's market price of $34,763 at the time. The non-GAAP digital asset cost basis was $2.741 billion or $26,080 per bitcoin. MicroStrategy reported $125.4 million in revenue for the quarter, a 13.4% increase over its performance for 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 its results.