{"id":12698,"date":"2023-08-02T04:30:00","date_gmt":"2023-08-02T04:30:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12698"},"modified":"2023-08-02T04:30:01","modified_gmt":"2023-08-02T04:30:01","slug":"microstrategy-made-largest-bitcoin-purchase-since-2021-in-q2-2023-amid-slight-revenue-decrease","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12698","title":{"rendered":"MicroStrategy made largest Bitcoin purchase since 2021 in Q2 2023 amid slight revenue decrease"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>In its Aug. 1 financial results, business intelligence firm MicroStrategy said it acquired substantial Bitcoin during Q2 2023.<\/p>\n<p>Andrew Kang, Chief Financial Officer at MicroStrategy, said:<\/p>\n<p>&#8220;The addition in the second quarter of 12,333 bitcoins [is] the largest increase in a single quarter since Q2 2021. We efficiently raised capital&#8230; and used cash from operations to continue to increase bitcoins on our balance sheet.&#8221;<\/p>\n<p>In a separate presentation, the firm said that the 12,333 BTC it bought was purchased for $347 million at an average of $28,136 per Bitcoin.<\/p>\n<p>However, those numbers only represent the company&#8217;s latest additions, not the total amount of Bitcoin it acquired. MicroStrategy said that, as of July 31, 2023, it had acquired 152,800 BTC for $4.53 billion or $29,672 per Bitcoin.<\/p>\n<p>Despite those high estimates, the company said that the carrying value (the original cost of the asset, less any depreciation, amortization or impairment costs) of its Bitcoin was just $2.3 billion. That number reflects cumulative impairment losses of $2.196 billion since MicroStrategy&#8217;s first purchase and an average carrying amount per Bitcoin of $15,251.<\/p>\n<p>MicroStrategy noted elsewhere that Bitcoin and its own MSTR stock have outperformed numerous other indexes and assets. MSTR has gained 254% since it adopted its Bitcoin strategy in August 2020, while Bitcoin itself has gained 145% since that date.<\/p>\n<p>Via MicroStrategy<\/p>\n<p>MicroStrategy otherwise reported total revenues of $120.4 million in Q2 2023, which represents a 1% decrease in revenue year-over-year.<\/p>\n<h2>Bitcoin in the bigger picture<\/h2>\n<p>Kang also positioned MicroStrategy&#8217;s purchases within broader industry developments, such as increasing interest from institutional investors and regulatory clarity around Bitcoin.<\/p>\n<p>Kang also said that MicroStrategy is seeing progress regarding Bitcoin accounting practices. In May, the company submitted a letter to the Financial Accounting Standards Board (FASB) expressing support for a fair value accounting for crypto assets. It said this would allow it to provide a &#8220;more relevant view&#8221; of its Bitcoin holdings.<\/p>\n<p>In its company profile, Microstrategy called Bitcoin a &#8220;dependable store of value&#8221; and described Bitcoin acquisition as one of its two main strategies alongside its enterprise software business.<\/p>\n<p>The post MicroStrategy made largest Bitcoin purchase since 2021 in Q2 2023 amid slight revenue decrease appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/microstrategy-made-largest-bitcoin-purchase-since-2021-in-q2-2023-amid-slight-revenue-decrease\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its Aug. 1 financial results, business intelligence firm MicroStrategy said it acquired substantial Bitcoin during Q2 2023. Andrew Kang, Chief Financial Officer at MicroStrategy, said: &#8220;The addition in the second quarter of 12,333 bitcoins [is] the largest increase in a single quarter since Q2 2021. We efficiently raised capital&#8230; and used cash from operations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12698"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12698\/revisions"}],"predecessor-version":[{"id":12700,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12698\/revisions\/12700"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12699"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}