Strong

DeFi

Bitcoin

Planet

<div class="intro-text">
 MicroStrategy, the largest corporate holder of Bitcoin and the world’s first Bitcoin development company has<a style="color: #0000ff;" href="https://www.microstrategy.com/press/microstrategy-announces-second-quarter-2024-financial-results-now-holds-226-500-btc_08-01-2024" rel="noopener noreferrer nofollow"> released its financial results</a> for the second quarter of 2024, which ended on June 30.
</div>
 The company reported that its Bitcoin holdings have reached 226,500 BTC, with a market value now 70% higher than the cost basis.&nbsp;
CEO Phong Le stated, 
<blockquote>
 “Following another successful quarter, we are fully committed to our Bitcoin development strategy. We are introducing a new Key Performance Indicator (KPI), ‘BTC Yield,’ targeting an annual yield of 4-8% over the next three years.”&nbsp;
</blockquote>
He also expressed optimism about the growing understanding of Bitcoin and the increasing support from bipartisan politicians and institutions, as evidenced at the Bitcoin 2024 Conference in Nashville. Additionally, MicroStrategy continues to see robust double-digit growth in subscription revenue and billings for its cloud-powered business intelligence (BI) and artificial intelligence (AI) software.
During Q2, the company raised $800 million by offering 2.25% convertible senior notes due 2032 and redeemed $650 million in convertible senior notes due 2025. They expanded their Bitcoin holdings by acquiring 12,222 BTC using proceeds from these capital markets activities and excess cash. MicroStrategy announced a 10-for-1 stock split to manage equity capital efficiently and filed a registration statement for a new $2 billion at-the-market equity offering program.&nbsp;
Chief Financial Officer Andrew Kang highlighted the company’s strategic use of leverage, achieving a year-to-date ‘BTC Yield’ of 12.2%, which he believes demonstrates significant accretion of Bitcoin value to shareholders.
Notably, <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/riot-platforms-reports-70m-revenue-in-q2-2024-amid-bitcoin-halving-effects/" rel="noopener noreferrer nofollow">Riot Platforms, a leading Bitcoin miner, reported $70.0 million in Q2 2024 revenue, down from $76.7 million last year</a>. The decline was due to the Bitcoin halving in April, which reduced block rewards. Despite this, Riot maintained strong margins, aided by $13.9 million in power credits. The average cost to mine a Bitcoin was $25,327. CEO Jason Les highlighted the company’s operational growth and effective long-term strategies amid challenging conditions.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/08/microstrategy-unveils-strong-q2-results-with-record-bitcoin-holdings-and-strategic-initiatives/" rel="noopener noreferrer nofollow">MicroStrategy Unveils Strong Q2 Results with Record Bitcoin Holdings and Strategic Initiatives</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

MicroStrategy Unveils Strong Q2 Results with Record Bitcoin Holdings and Strategic Initiatives

DeFi Planet

Other articles published on Aug 2, 2024

Bitcoin Struggles To Surpass $70K, Yet Maintains Positive Stance

Ethereum Classic & APT Continue Gloomy Outlook As Rollblock Burns Brighter Than Ever With Over 7,...

Founder of Bitcoin Exchange OKX Says Newly Launched Tokens Harm Users! Here are the Details

Analyst Announced! "These Levels Must Be Maintained for the Rise in Bitcoin and Ethereum!"

New Solana Memecoin Trump vs SEC Will Surge 19,000% Before Exchange Listings, As Shiba Inu and DO...

MicroStrategy Bitcoin Investment Will Be Boosted With $2 Billion Share Offering Plan

Join our free newsletter for daily crypto updates!