- MicroStrategy bought another 12,333 Bitcoin in its second quarter.
- The business intelligence company returned to profitability in Q2.
- MicroStrategy stock has roughly tripled versus the start of 2023.
MicroStrategy Inc &- one of the most prominent institutional holder of Bitcoin &- says it returned to profitability in its second financial quarter. Its shares are still down 2.0% after-hours.
MicroStrategy continued to buy Bitcoin in Q2
The business intelligence company added another 12,333 Bitcoin in Q2 &- the most it has bought in a quarter in about two years. In total, it now has 152,800 BTC on the balance sheet worth about $4.4 billion.
MicroStrategy narrowed the impairment charge related to its crypto holdings in the second quarter to $24.1 million versus close to a billion-dollar last year. Andrew Kang &- its Chief Financial Officer said in the press release:
We continued to increase bitcoins and did so against the promising backdrop of increasing institutional interest and ongoing regulatory clarity.
Bitcoin is currently up about 80% for the year.
MicroStrategy topped Q2 earnings estimates
MicroStrategy earned $22.2 million in its recently concluded quarter that translates to $2.35 a share (adjusted) on $120.4 million in revenue &- down 1.0% on a year-over-year basis, as per the press release.
In comparison, analysts were at $1.64 a share and $126 million, respectively. According to CEO Phong Le:
Growth in our recurring revenue this quarter illustrated the strength of our enterprise cloud platform, despite ongoing macroeconomic headwinds.
The news arrives only days after a TD Cowen analyst Lance Vitanza dubbed MicroStrategy the best way for institutional investors to gain exposure to Bitcoin. He sees upside in the software stock to $520 &- about a 21% premium on its current price (find out more).
The post MicroStrategy narrowed its crypto-related impairment charge sharply in Q2 appeared first on CoinJournal.
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