MicroStrategy Incorporated (NASDAQ: MSTR) has revealed its Q2 2024 financial report, which states the company saw a substantial increase in its Bitcoin holdings. This quarter, the company has acquired a significant amount of Bitcoins, reflecting 12,222 in total and averaging $65,882 per bitcoin purchased ahead thus far. This is due to increased total holdings of 226,500 BTC after buying $8.3B at an average price of $36,821 per Bitcoin as of July 31st. MicroStrategy’s former CEO, Michael Saylor, has also confirmed that it bought 169 BTC for $11.4 million in July alone. At press time, MicroStrategy’s Bitcoin holding currently stands at $14.65 billion.
The company also reported a 21% year-over-year increase in subscription services revenues worth $24.1 million. Phong Le, the President and CEO of MicroStrategy, further highlighted the importance of “BTC Yield, ” a key performance metric for the company. MicroStrategy calculates BTC Yield by measuring the change in the percentage of Bitcoin held compared to assumed diluted shares outstanding. The company achieved a BTC Yield of 12.2% year-to-date and expects its Bitcoin yield to be between 4-8% from 2025 through 2027.
“Since the beginning of Q2, we grew our bitcoin holdings by adding 12,222 bitcoins through proceeds from our capital markets activities and excess cash,” stated CFO Andrew Kang. This strategy of relying on Bitcoin has been a big win for the company. This addition reinforces MicroStrategy’s commitment to using our financial methods in the best interest of shareholder value. Kang also made sure to call out a plan for a 10-for-1 stock split, which was announced earlier this month.
Shortly, MicroStrategy will file a registration statement for a new $2.0 billion at-the-market equity offering program. Again, this is a vehicle to use leverage when it’s attractive intelligently – one of the company’s strategies for maximizing returns and reaffirming its focus on shareholder value. BTC price, meanwhile, looks to be on the road to recovery at the time of writing – trading just above $64,700 and currently up 2% in the past hour.
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