Strategy Reports $10 Billion Profit Amid Bitcoin Holdings Growth and Market Recovery
Main Idea
Strategy (formerly MicroStrategy) reported a $10 billion profit in Q2 due to Bitcoin's price rebound, with its Bitcoin holdings growing by 20% to 597,000 BTC, representing 3% of the total supply.
Key Points
1. Strategy's Bitcoin holdings reached 597,000 BTC, valued at $74 billion, marking a 20% increase from Q1.
2. The company raised $2.5 billion through preferred stock to purchase an additional 21,000 Bitcoin in Q2.
3. Bitcoin's price surge from $77,000 in Q1 to over $111,000 in Q2 drove the $10 billion profit, offsetting a $5.9 billion loss in Q1.
4. Strategy plans to raise $42 billion to further expand its Bitcoin holdings, having already issued $21 billion in common stock.
5. The firm is the largest publicly traded Bitcoin holder, with its holdings accounting for nearly 3% of the total Bitcoin supply.
Description
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