Mobile software company MicroStrategy will continue to buy more Bitcoin, although reporting impairment losses of $424.8 million in Q2.
Saylor noted company’s latest funding had allowed the firm to increase its digital holdings to more than 105,000 bitcoins.
In a statement issued before the conference, MicroStrategy CEO Micheal Saylor noted:
“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 digital figures were calculated using Generally Accepted Accounting Principles (GAAP). GAAP is a collection of commonly accepted rules used for financial reporting. Non-GAAP income from operations, which exclude “share-based compensation expense and impairment losses and gains on sale from intangible assets.”
The non-GAAP shows a various picture for MicroStrategy’s digital asset holdings. The current bitcoin holding as of June 30 was $3.653 billion, reflecting bitcoin’s market price of $34,763 at time. The non-GAAP digital asset cost basis was $2.741 billion or $26,080 per bitcoin.
MicroStrategy reported $125.4 million revenue for the Q2, a 13.4% increase over its performance for Q2, 2020. Gross Profit for Q2, 2021 was 102.3 million, representing an 81.6% growth margin. Compared to a gross margin of 78.3% in Q2, 2020, it increased 4.2% this year.
Earlier this week, Tesla also released its Q2 report which shows $23 million impairment loss. However, it sold $272 million worth of bitcoin before the end of March.
