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    <p>Since stating just a few months ago that, if it found itself in financial difficulty, it would sell its <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> before offloading more shares, <a rel="noopener noreferrer nofollow" title="Michael Saylor" href="https://thebittimes.com/tag/michael-saylor.html">Michael Saylor</a>’s <a rel="noopener noreferrer nofollow" title="MicroStrategy" href="https://thebittimes.com/tag/microstrategy.html">MicroStrategy</a> has sold somewhere in the region of $339 million in shares and plans to sell up to $750 million more in the coming months, likely to buy <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a>.</p> 
    <p>Saylor made the promise in an interview with George Gammon at the end of last year, citing the responsibility it had to protect its investors.</p> 
    <p>According to its Q1 earnings report, MicroStrategy was running short on cash with revenues dwindling. However, it claimed to have enough funds to survive for the next 12 months with $94 million in its war chest, $2.1 billion in debt, and 140,000 bitcoin.</p> 
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        MicroStrategy hints at bitcoin bag dump while offloading shares 
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    <p><em>Read more: Saylor bets the bitcoin bottom as MicroStrategy shorts subside</em></p> 
    <p>At press time, the company now has <strong>152,800 bitcoins acquired for a total of $4.53 billion</strong>, or $29,672 per bitcoin. These coins are currently worth around $3.9 billion. According to its most recent earnings report, the firm’s income has remained stable for the first six months of 2023 coming in at $242 million compared to last year’s $241 million.</p> 
    <p>Net profit for the second quarter hit $22.2 million giving the company a basic EPS of $1.68 and a diluted EPS of $1.52. However, all of this is irrelevant when considering its debt and bitcoin holdings which are not factored in.</p> 
    <p>Indeed, <strong>it still holds the same amount of debt at around $2.1 billion</strong>, most of it in unsecured notes.</p> 
    <p>Last year MicroStrategy, along with Silvergate, was one of the most shorted stocks. This year, however, this has reduced. Now, around 21% of the firm’s current float sold short with around $1.3 billion in shorts. Its stock also dropped 0.66% after the earnings report and currently sits at $434.98.</p> 
    <p>Given the lack of an approved <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> ETF in the US, <a rel="noopener noreferrer nofollow" title="MicroStrategy" href="https://thebittimes.com/tag/microstrategy.html">MicroStrategy</a> has almost taken on this role in current markets. Institutional investors who want exposure to <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> but can’t buy the asset due to portfolio regulations have <a rel="noopener noreferrer nofollow" title="MicroStrategy" href="https://thebittimes.com/tag/microstrategy.html">MicroStrategy</a> as one of the only options available.</p> 
    <p>This puts the company in a comfortable position when selling its stock given <strong>it has no competitors for its bitcoin role</strong>. Unfortunately, this bitcoin honeymoon may soon be over if a bitcoin ETF is approved.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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MicroStrategy eyes $750M stock sale, likely to buy more bitcoin

TheBitTimes

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