MicroStrategy Reports Q2 Loss, Plans $2B Stock Sale to Fund Bitcoin Purchases, Holds 226,500 BTC

MicroStrategy reported a second consecutive quarterly loss, with a net income of -$102.6 million for Q2 2024, compared to $22.2 million in Q2 2023.

The company took an impairment charge against its $14.5 billion Bitcoin holdings. Despite the losses, MicroStrategy acquired 12,222 bitcoins for $805.2 million in Q2, bringing its total holdings to 226,500 BTC.

The company announced a 10-for-1 stock split effective August 7, 2024, and plans to sell up to $2 billion in new stock to fund additional Bitcoin purchases.

CEO Michael Saylor aims to increase Bitcoin holdings per share annually by 4-8% over the next three years. MicroStrategy's total revenue for Q2 was $111.4M, with an EPS of -$5.74.

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