United

Bitcoin

<ul> 
 <li>MicroStrategy plans to raise up to $750 million through a stock sale to buy more Bitcoin (BTC).</li> 
 <li>The news pushes Bitcoin’s price close to the $30,000 mark.</li> 
 <li>The total value of MicroStrategy’s Bitcoin holdings is $4.5 billion at current market prices.</li> 
</ul> 
MicroStrategy, the software developer with a massive Bitcoin (BTC) stash, intends to raise up to $750 million by selling more stock. The company plans to utilize the fund to buy additional Bitcoin, further solidifying its position as one of the largest corporate <a href="https://thenewscrypto.com/bitcoin-news-bitcoin-continues-to-be-the-prime-focus-for-microstrategy-q1-report-shows/" target="_blank" rel="noopener noreferrer nofollow">holders</a> of BTC in the United States. 
The announcement came through a <a href="https://www.sec.gov/Archives/edgar/data/1050446/000119312523200621/d533407d424b5.htm" target="_blank" rel="noopener noreferrer nofollow">filing</a> with the U.S. Securities and Exchange Commission (SEC) late Tuesday. As a result, the price of Bitcoin soared over 4% from $28,785 to $29,987. At the time of writing, BTC traded at $29,648 with a 24-hour trading volume of $19.7 billion, marking a surge of 52%. 
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 <img decoding="async" src="https://thenewscrypto.com/wp-content/uploads/2023/08/Bitcoin-BTC-.png" alt="" class="wp-image-79973" width="840" height="481" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/Bitcoin-BTC-.png 868w, https://thenewscrypto.com/wp-content/uploads/2023/08/Bitcoin-BTC--300x172.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/Bitcoin-BTC--768x441.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/Bitcoin-BTC--150x86.png 150w" sizes="(max-width: 840px) 100vw, 840px"> 
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 Bitcoin (BTC) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>) 
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<h2 class="wp-block-heading" id="h-microstrategy-profits-on-bitcoin-btc">MicroStrategy Profits on Bitcoin (BTC)</h2> 
MicroStrategy CEO Michael Saylor has been at the forefront of the company’s involvement with Bitcoin, making billion-dollar purchases of BTC since the pandemic hit. However, MicroStrategy reported a significant turnaround in profitability posting a net income of $22.2 million, in their Q2 earnings results <a href="https://www.microstrategy.com/en/investor-relations/press/microstrategy-announces-second-quarter-2023-financial-results_08-01-2023" target="_blank" rel="noopener noreferrer nofollow">filing</a>.&nbsp; 
This marks a substantial development from the prior-year period, which saw a net loss of $1.1 billion. The surge in <a href="https://thenewscrypto.com/microstrategy-hits-200-million-profit-in-bitcoin-investments-amid-btc-surge/" target="_blank" rel="noopener noreferrer nofollow">profitability</a> can be attributed in part to a smaller digital asset impairment loss of $24.1 million, compared to a massive $917.8 million loss in Q2 2022. 
Further, during the second quarter of 2023, MicroStrategy <a href="https://thenewscrypto.com/bitcoin-news-microstrategy-piles-up-additional-12333-bitcoin-worth-347m/" target="_blank" rel="noopener noreferrer nofollow">added</a> 12,333 Bitcoin, marking the largest rally in a single quarter since Q2 2021. In addition to that, the company acquired another 467 BTC on July 30. 
However, Michael Saylor’s company witnessed a notable increase in Bitcoin holdings, with 152,800 BTC in its possession as of July 31, 2023. That brings the total value of its Bitcoin balance to $4.5 billion at current market prices. 
MicroStrategy’s steadfast commitment to Bitcoin investment has proven successful as the digital asset continues to gain prominence in the financial world. With the upcoming stock sale, the company aims to strengthen its position in the crypto market and capitalize on the potential future appreciation of Bitcoin’s price. 
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