MicroStrategy announced its earnings today where it said that the company will continue to acquire even more Bitcoin in an effort to increase value for its shareholders. In the second quarter of 2021, the company purchased 253 Bitcoin for approximately $15 million. The company now holds approximately 91,579 Bitcoin, currently valued at around $5.1 billion, as of today.
“We continue to be pleased with our bitcoin strategy. We successfully raised more than $1 billion of additional capital in the quarter to expand our bitcoin holdings, which now exceed 91,000 bitcoins. We also hosted a very successful ‘Bitcoin for Corporations’ track at MicroStrategy World™ where we utilized our thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management. We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders," the company said in its earnings release.
The company revealed a 10.3% increase in total revenues in Q1, and a 52.3% increase in its product licenses and subscriptions.
The company did note a 226.1% increase in operating expenses compared to the first quarter of 2020, partially due to impairment losses from its digital asset holdings.
The report did also say that the company may increase or even decrease its Bitcoin holdings in the future.
"In future periods, MicroStrategy may purchase additional bitcoins and increase its overall holdings of bitcoin or sell its bitcoins and decrease its overall holdings of bitcoin."
While the business intelligence company did say it could decrease its Bitcoin holdings in future periods, its near-term sentiment towards the cryptocurrency seems extremely bullish.
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