Bitcoin

<a href="https://bitcoinworld.co.in/microstrategys-bitcoin-acquisitions-continue-to-soar-amidst-industry-progress/" title="MicroStrategy’s Bitcoin Acquisitions Continue to Soar Amidst Industry Progress" rel="noopener noreferrer nofollow"></a> 
In its recently released financial results for August 1, 2023, business intelligence firm MicroStrategy revealed significant additions to its Bitcoin holdings during the second quarter of 2023. Chief Financial Officer Andrew Kang reported that the company acquired a substantial 12,333 bitcoins during this period, marking the most substantial increase in a single quarter since Q2 2021. 
MicroStrategy efficiently raised capital and used cash from operations to continue increasing its Bitcoin holdings on its balance sheet. The 12,333 BTC was purchased for $347 million at an average price of $28,136 per Bitcoin. However, this figure represents the latest additions only, and as of July 31, 2023, the company had acquired a total of 152,800 BTC for $4.53 billion, averaging $29,672 per Bitcoin. 
Despite the high acquisition estimates, the carrying value of MicroStrategy’s Bitcoin assets is reported at just $2.3 billion, reflecting cumulative impairment losses of $2.196 billion since the company’s initial Bitcoin purchase. The average carrying amount per Bitcoin is $15,251. 
MicroStrategy highlighted the outperformance of Bitcoin and its own MSTR stock compared to numerous other indexes and assets. Since adopting its Bitcoin strategy in August 2020, MSTR has gained an impressive 254%, while Bitcoin itself has risen by 145% since that date. 
MicroStrategy’s Bitcoin purchases align with broader industry developments, including growing interest from institutional investors and increased regulatory clarity around Bitcoin. The company is also working towards improved Bitcoin accounting practices and expressed support for a fair value accounting for crypto assets. This accounting approach would offer a more relevant view of its Bitcoin holdings. 
In its company profile, MicroStrategy described Bitcoin as a “dependable store of value” and emphasized Bitcoin acquisition as one of its two main strategies, alongside its enterprise software business. 
While Bitcoin’s journey remains dynamic, MicroStrategy’s strategic and consistent approach towards accumulating the cryptocurrency underscores the company’s confidence in its long-term potential. As the crypto industry continues to evolve and gain mainstream recognition, MicroStrategy’s commitment to Bitcoin remains a notable aspect of its financial operations. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/microstrategys-bitcoin-acquisitions-continue-to-soar-amidst-industry-progress/">MicroStrategy’s Bitcoin Acquisitions Continue to Soar Amidst Industry Progress</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

MicroStrategy’s Bitcoin Acquisitions Continue to Soar Amidst Industry Progress

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