MicroStrategy Reports Holding 226,500 Bitcoin Along With Q2 Financial Loss

Yolowire 2-Aug-2024 10:37 AM

U.S. software firm %MicroStrategy (NASDAQ:MSTR) has reported an increase in its holdings of %Bitcoin (CRYPTO: BTC) along with a net loss for this year’s second quarter.

MicroStrategy said that it lost $102.6 million U.S., equal to $5.74 U.S. a share, in Q2. That compares to a profit of $22.2 million U.S., or $1.52 U.S. a share, a year earlier.

Revenue in the April through June quarter totaled $111.44 million U.S., which missed Wall Street expectations that called for sales of $122.91 million U.S.

The poor results were blamed on an impairment charge that MicroStrategy incurred on its Bitcoin holdings of $180.1 million U.S. as the digital token’s price declined during the quarter.

The company also disclosed that its Bitcoin holdings now stand at 226,500 tokens, worth about $14.40 billion U.S.

MicroStrategy is the largest corporate owner of Bitcoin in the world.

Despite the fluctuating price of Bitcoin, which has traded in a range of $60,000 U.S. to $70,000 U.S. in recent months, MicroStrategy’s stock has risen 270% over the last 12 months.

The company recently announced a 10-for-1 stock split to make its stock more affordable to retail investors and employees. The split takes effect on Aug. 7 of this year.

MicroStrategy’s stock currently trade at $1,531.82 U.S. per share before the upcoming split.