The average value of bitcoins purchased was $28,136 per coin. As of July 31, MicroStrategy wallets held 152,800 BTC worth $4.53 billion. Company officials emphasized that bitcoin, as well as MSTR stock, significantly outperforms many different stock indices and assets in terms of returns. MicroStrategy’s share price, for example, is up 254% since August 2020, when the firm began buying bitcoins. The exchange rate of the first cryptocurrency has surged 145% since the same moment.
“The purchase of 12,333 bitcoins was the largest quarterly purchase since Q2 2021. We effectively raised capital and used the income from our operations to grow the amount of bitcoins on our balance sheet,” emphasized MicroStrategy CFO Andrew Kang.
The company also announced plans to sell $750 million worth of its own stock. Some of the proceeds may go towards additional bitcoin purchases. MicroStrategy has secured backing from Cowen, Canaccord Genuity and Berenberg Capital for the deal.
Earlier, MicroStrategy founder Michael Saylor said that Argentina’s economy can only recover thanks to cryptocurrencies, in particular bitcoin.