MicroStrategy ”Extremely Optimistic” After Bitcoin 2024, Sees Increasing ”Bipartisan” Political Support For Crypto

MicroStrategy
(MSTR)
said
it’s
“extremely
optimistic”
following
the
Bitcoin
2024
conference
amid
increasing
“bipartisan”
political
support
for
the
crypto
ecosystem.

“We
are
extremely
optimistic
with
the
improved
understanding
of
bitcoin
and
the
increasing
support
for
the
ecosystem
from
bipartisan
politicians
and
institutions
on
display
at
the
Bitcoin
2024”
conference
in
Nashville
last
weekend,
the
firm
said
in
a


press
release in
connection
with
its
second-quarter
earnings.

MicroStrategy
Purchases
An
Additional
12,222
Bitcoin

In
a
Q2
earnings
call,
the
firm
revealed
that
it
purchased
an
additional
12,222
Bitcoin
for
$805
million
in
Q2
2024.
This
latest
purchase
has
pushed
the
firm’s
holdings
in
the
leading
crypto
to
226,500
BTC,
worth
approximately
$14.7
billion
at
current
prices.

MicroStrategy
also
shared
that
its
BTC
was
acquired
at
an
average
purchase
price
of
$36,821
per
coin. 

The
best
strategy
is
a

#Bitcoin
Strategy.

pic.twitter.com/xbTKqGQfPA

—
Michael
Saylor⚡️
(@saylor)

August
1,
2024

The
firm’s
recent
purchase
of
an
additional
12,222
BTC
is
part
of
the
company’s
aggressive
accumulation
strategy
that
began
back
in
2020.
MicroStrategy’s
latest
buy
took
place
prior
to
a
series
of
pro-crypto
statements
made
by
influential
US
politicians
at
Bitcoin
2024.

At
the
landmark
event.
former
US
President
Donald
Trump
stated
that
he
would
launch
a
strategic
Bitcoin
reserve
in
the
US
if
he
wins
the
election.

Meanwhile,
Senator
Cynthia
Lummis
announced
a
new
bill
that,
if
approved,
will
see
the
US
government
purchase
1
million
BTC
over
a
5-year
span.

Earnings
Far
Below
Analysts’
Expectations

MicroStrategy’s
quarterly
performance
was
far
below
what
analysts
predicted,
prompting
its
share
price
to
close
yesterday
down
6.36%
at
$1,511.81.

The
company
posted
a
7%
year-over-year
decline
in
revenue.
It
also
suffered
losses
of
$5.74
per
share
on
quarterly
revenue
of
$111.4
million,
which
was
below
analyst
expectations
of
$119.3
million.

Along
with
the
24-hour
drop
in
MSTR’s
price,
Bitcoin
also
recorded
a
slight
loss
in
the
the
past
trading
session
to
trade
at
$64,403.11.


BTC

is
down
more
than
4%
over
the
past
7
days.

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