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 <p>On Tuesday, August 1, MicroStrategy unveiled its second-quarter results announcing its holds 152,800 BTC as of July 31, 2023. In a filing with the U.S. Securities and Exchange Commission (SEC) on the same day, MicroStrategy announced that it has signed a sales agreement with three companies – Cowen and Company, Canaccord Genuity, and Berenberg Capital. The agreement is for the sale of its class A common stock.</p>  
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 <p>The company added that the proceeds of the MSTR stock sale would be used for a variety of general corporate purposes. This includes the acquisition of more Bitcoins as well as some working capital.</p> 
 <p>During the second quarter, MicroStrategy added a total of 12,333 Bitcoins worth $364.1 million. This was the company’s second-largest BTC purchase in a single quarter since Q2 2021. During the Q2 earnings call, MicroStrategy Chief Financial Officer Andrew Kang said:</p> 
 <blockquote> 
  <p>“As with prior programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt”.</p>  
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 </blockquote> 
 <h3 id="microstrategy-turns-profitable-on-its-bitcoin-investments">MicroStrategy Turns Profitable on Its Bitcoin Investments</h3>  
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 <p>After facing selling pressure earlier this week, the Bitcoin (BTC) price shot up to $30,000 levels later on Tuesday. MicroStrategy’s average BTC holding cost is currently at $29,672 per Bitcoin. this puts the company’s entire $4.53 billion investment in Bitcoin, under profitability.</p> 
 <p>“Our objective is to find ways to generate incremental Bitcoin for our shareholders and do that with either cash flow from the business or do it through intelligent accretive financings of equity or debt or other intelligent operations,” MicroStrategy Chairman&nbsp;Michael Saylor told investors on Tuesday.</p> 
 <p>In the second quarter, the price of Bitcoin increased by 7% to reach $30,390. This growth follows a significant surge of nearly 72% in the first quarter. However, in the second quarter of the previous year, Bitcoin experienced a sharp decline of 59% and dropped to $18,731.</p> 
 <p>MicroStrategy, which is considered a proxy for Bitcoin by many investors, saw little change in its share price, closing at around $434 after regular trading hours. This year, the stock has more than tripled in value, but in 2022, it dropped by 74%. The stock reached an all-time high of $1,315 in February 2021.</p> 
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MicroStrategy To Sell $750 Million In Stocks for Bitcoin Purchases

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