MicroStrategy published the Q2 2021 financial results, with the most important part of it showing the continued plans for holding more Bitcoins. MicroStrategy is the largest independent public business intelligence company that became famous in the crypto world after announcing ambitious plans for buying and holding Bitcoin.
The investment arms of the company are somehow obsessed with crypto investments that are going to continue buying and holding BTC or other cryptocurrencies despite losses in Q2 2021.
Institutional Investors Embracing Cryptocurrencies
Many institutional investors have come to the crypto world and affected the market significantly. Their movement shows that trust in the crypto world and digital assets as investments is going high. It encourages retail traders to buy more crypto assets that ultimately help the whole market grow faster and more. MicroStrategy is one of the most influential institutions in this sector that has bought a considerable amount of digital assets, mostly Bitcoin, and plans to continue the trend.
The latest financial report for Q2 2021 from MicroStrategy describes many details of financial operations like revenue, gross profit, operating expenses, income (loss) from operations, net income (loss), and digital assets. The latter part is the most interesting report for crypto enthusiasts.
The CEO note for the MicroStrategy report has a focus on cryptocurrencies. Michael J. Saylor, the CEO, MicroStrategy Incorporated, pointed on his company’s achievement in the past quarter in the software business – 13% revenue growth. He noted:
“Our success in the market is being driven by the investments we have made and the broad adoption of our innovative MicroStrategy platform. We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”
The carrying value of MicroStrategy’s digital assets until June 30, 2021, was about 105,085 Bitcoins. The important point is that this amount of Bitcoin has resulted in a $689.6M loss for the company, but the execs believe in this investment and plan to hold it more. Most of the held Bitcoin in the company is the holding of MicroStrategy LLC company – approximately 92,079 of the Bitcoins.
If you found this article interesting, here you can find more Bitcoin news