MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin

Much of the swing was due to a comparatively smaller digital asset impairment loss of $24.1 million in the quarter, compared to a whopping $917.8 million in Q2 2022.

In MicroStrategy’s case, digital asset impairment occurs when the market price of Bitcoin falls below the price at which the Bitcoin was acquired. The price of Bitcoin hovered between $25,000 and $30,700 in the second quarter, with a notable rally in mid-June after several new spot Bitcoin exchange-traded funds were filed to the Securities and Exchange Commission.“Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021,” said MicroStrategy CFO Andrew Kang.

Kang said it used cash from operations to add more Bitcoin to its balance sheet, and did so against the “promising backdrop” of institutional interest,In a June 13 interview with Bloomberg, MicroStrategy chairman Michael Saylor said he believes recent enforcement actions from the Securities and Exchange Commission would eventually play out in favor of Bitcoin — the only crypto

MicroStrategy In a Q2 earnings results filing posted on Aug. 1, MicroStrategy reported $22.2 million in net income, a massive swing from a net loss of $1.1 billion in the prior-year period. Total revenues were mostly flat at $120.4 million.

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