July 2024: MicroStrategy Adds 169 Bitcoin Worth $11.4 Million
In its Q2 2024 financial report, MicroStrategy Incorporated (NASDAQ: MSTR) reported a significant Bitcoin holdings growth. The corporation bought 12,222 Bitcoins this quarter, averaging $65,882 per bitcoin. After purchasing $8.3B at $36,821 per Bitcoin on July 31st, total holdings rose to 226,500 BTC. MicroStrategy's previous CEO, Michael Saylor, revealed buying 169 BTC for $11.4 million in July. MicroStrategy had $14.65 billion in Bitcoin at press time.
The company's subscription services sales rose 21% to $24.1 million. MicroStrategy President and CEO Phong Le stressed the significance of “BTC Yield,” a critical success statistic. MicroStrategy determines BTC Yield by comparing Bitcoin-held percentage to estimated diluted shares outstanding. The company's BTC yield was 12.2% year-to-date and anticipates 4-8% from 2025 to 2027.
CFO Andrew Kang said, “Since the beginning of Q2, we grew our bitcoin holdings by 12,222 bitcoins through capital markets activities and excess cash. This Bitcoin-heavy approach has worked well for the firm. This acquisition underlines MicroStrategy's commitment to employing financial approaches to maximize shareholder value. Kang also referenced a 10-for-1 stock split announced last month.
MicroStrategy will soon register a $2.0 billion at-the-market stock offering. This is another way the business maximizes returns and reaffirms its emphasis on shareholder value by using leverage responsibly. BTC price is trading slightly over $64,700 and up 2% in the previous hour, suggesting a comeback.
