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- MicroStrategy company reported a value decrease of $24.1 million in Bitcoin (BTC) assets in the second quarter compared to $917.8 million in the previous quarter and $18.9 million in the first quarter.
- The price of Bitcoin started around $28,500 in the second quarter and ended the quarter at approximately $30,400.
- While Bitcoin prices have increased by approximately 76% this year, MicroStrategy shares have gained more than three times their value. 152,800 Bitcoins are currently worth approximately $4.5 billion.
Bitcoin supporter and investor MicroStrategy company has released its 2nd quarter reports for 2023 and provided details about its Bitcoin investments.
MicroStrategy Company’s 2nd Quarter Reports Released
MicroStrategy (MSTR) company reported a value decrease of $24.1 million in Bitcoin (BTC) assets in the second quarter compared to $917.8 million in the previous quarter and $18.9 million in the first quarter. The company also purchased a total of 467 Bitcoins in July.
The decrease in the company’s digital asset value reflects a decrease compared to the price at which Bitcoin was acquired. According to current accounting rules, digital assets like cryptocurrencies should be recorded based on their costs and should only be adjusted if there is a decrease in value. However, if the price increases, the asset is not reported unless it is sold.
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The price of Bitcoin started around $28,500 in the second quarter and ended the quarter at approximately $30,400. Andrew Kang, the company’s Chief Financial Officer, said the following;
“Our Bitcoin holdings increased to 152,800 Bitcoins as of July 31, 2023, and the addition of 12,333 Bitcoins in the second quarter was the largest increase in a single quarter since the second quarter of 2021. We effectively raised capital in the stock market and continued to increase the Bitcoins on our balance sheet using the cash generated from transactions. We did this against the backdrop of increasing institutional interest, progress in accounting transparency, and ongoing regulatory clarity for Bitcoin.”
While Bitcoin prices have increased by approximately 76% this year, MicroStrategy shares have gained more than three times their value. 152,800 Bitcoins are currently worth approximately $4.5 billion. Overall, MSTR generated $120.4 million in revenue, falling short of analysts’ $123.1 million revenue estimate.
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