Crypto-focused Companies Report Profit in Q2 2023 amid Crypto Market Rally
Several crypto-focused companies, including MicroStrategy, Coinbase, Coinshares, Block, and Robinhood, have reported record profits in Q2 2023 following a minor crypto market rally. MicroStrategy increased its BTC holding by 12,333 BTCs, bringing its total BTC holding to 152,800, and recorded a gross profit of $93.3 million. Coinbase posted total revenue of $707.9 million but remained in loss despite the crypto market rally. The positive performance in Q2 2023 has led analysts to speculate that the crypto winter may be over, but the outcome of Q3 will determine the future for many of these companies.
MicroStrategy Chairman Reveals Ambitious Bitcoin Acquisition Plans
MicroStrategy's Chairman, Michael Saylor, has shared his plans to purchase as much Bitcoin as possible based on market conditions. The company currently holds almost 153,000 Bitcoins, with almost 500 purchased since June 30th. MicroStrategy's acquisition strategy aims to accumulate Bitcoin on behalf of its shareholders, using cash flows, equity, and debt issuances.
MicroStrategy Confident in Bitcoin Strategy Despite Potential ETF Approvals
MicroStrategy co-founder Michael Saylor is confident that his company will remain an attractive option for investors looking to gain exposure to Bitcoin, even if a spot Bitcoin ETF is approved in the future. Saylor stated that MicroStrategy will continue to add more Bitcoin to its balance sheet, potentially using the proceeds from a planned $750 million share sale.
Micheal Saylor: Bitcoin ETFs Not A Threat To MicroStrategy
According to MicroStrategy co-founder, there is a growing consensus among politicians, investors, and regulators that Bitcoin is a unique and valuable international asset. Blackrock CEO Larry Fink expressed confidence in Bitcoin as an asset, which has caused a change in sentiment. MicroStrategy announced profits in Q2 and continued its Bitcoin accumulation, but may face challenges defending its position as the largest institutional holder of BTC. Despite regulatory uncertainty in the US, Bitcoin trading is not contested by regulators and is seen as a "most certain thing" in an uncertain economy, according to Michael Saylor.
MicroStrategy Reports Profitability in Q2 and Increases Bitcoin Holdings
MicroStrategy, a business intelligence company and one of the largest institutional holders of Bitcoin, reported a return to profitability in Q2. The company purchased 12,333 Bitcoin in the quarter, the most it has bought in two years, bringing its total holdings to 152,800 BTC worth approximately $4.4 billion.
MicroStrategy Plans Up to $750M Stock Sale to Fund Bitcoin Purchases, Other Things
MicroStrategy, the software developer that’s amassed a giant bitcoin (BTC) stash in recent years, may raise up to $750 million by selling more stock and plans to use the proceeds to buy more bitcoin, among other things.
MicroStrategy Books Impairment Charge of $24.1M on Massive Bitcoin Holdings in Q2
MicroStrategy has reported an impairment charge of $24.1 million on its bitcoin holdings in the second quarter, reflecting the decline in the price of bitcoin compared to its acquisition cost. The company's digital asset impairment is required under accounting rules and does not account for any increase in value unless assets are sold. Despite this charge, MicroStrategy's bitcoin holdings have increased to 152,800 bitcoins worth approximately $4.5 billion. The company also reported revenue of $120.4 million, falling short of analyst estimates.
TD Cowen Analyst Predicts 22% Upside for MicroStrategy Stock Focused on Bitcoin
TD Cowen analyst Lance Vitanza has initiated coverage of MicroStrategy with an "outperform" rating and predicts the stock could climb to $520, a 22% increase from its current level. Vitanza believes that MicroStrategy's use of retained earnings to buy and hold Bitcoin reflects a belief in the cryptocurrency's superiority as a store of value. He also recommends the stock as a way for institutional investors to gain exposure to Bitcoin without the fees associated with investing directly in the cryptocurrency or a Bitcoin ETF. MicroStrategy is set to report its Q2 earnings next week.
Ripple CTO Regrets Not Buying Coinbase Stock After Positive XRP Ruling
David Schwartz, the CTO of Ripple Labs, expressed regret for not buying shares of Coinbase after the positive ruling on XRP's status. While Coinbase's stock has since decreased by 4%, it outperformed its peers on Wall Street in the past few days, with a 29% increase in the past five days. Other stocks in the digital currency ecosystem, such as MicroStrategy, also saw significant gains following the XRP ruling. Schwartz's tweet about missing out on Coinbase stock received mixed reactions from the community, with some warning about potential legal trouble.
Microstrategy's Stock Price Rises 7% Following Berenberg's Projection of Bitcoin Halving Triggering Rally
Software firm Microstrategy's stock (MSTR) rose by 7% after investment bank Berenberg projected that next year's Bitcoin halving could trigger a rally in the company's share price. Berenberg's current price target for MSTR is $430, which would be an 18-month high.
