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MicroStrategy (MSTR) said he is “extremely optimistic” following the bitcoin 2024 conference amid growing “bipartisan” political support for the crypto ecosystem.
“We are extremely optimistic about the improved understanding of bitcoin and the growing support for the ecosystem from bipartisan politicians and institutions, as shown at the bitcoin 2024 conference in Nashville last weekend,” the firm said in a statement. Press release in relation to its second quarter results.
MicroStrategy buys an additional 12,222 bitcoins
In a second-quarter earnings conference call, the company revealed that it purchased an additional 12,222 bitcoins for $805 million in the second quarter of 2024. This latest purchase has brought the company’s holdings of the leading cryptocurrency to 226,500 btc, worth approximately $14.7 billion at current prices.
MicroStrategy also shared that its btc was purchased at an average purchase price of $36,821 per coin.
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The firm’s recent purchase of an additional 12,222 btc is part of the company’s aggressive accumulation strategy that began in 2020. MicroStrategy’s latest purchase came ahead of a series of pro-crypto statements made by influential US politicians on bitcoin 2024.
In the historic event, former US President Donald Trump declared that he would launch a bitcoin strategic reserve in the United States if he wins the election.
Meanwhile, Senator Cynthia Lummis announced a new bill that, if passed, will see the US government purchase 1 million btc over a 5-year period.
Earnings are well below analysts' expectations
MicroStrategy's quarterly performance fell well short of analysts' expectations, causing its stock price to close yesterday down 6.36% to $1,511.81.
The company posted a 7% year-over-year drop in revenue. It also suffered losses of $5.74 per share on quarterly revenue of $111.4 million, which was below aAnalysts' expectations were for $119.3 million.
Along with the 24-hour drop in the MSTR price, bitcoin also recorded a slight loss in the latest trading session to trade at $64,403.11. bitcoin/”>bitcoin It's down more than 4% in the last 7 days.
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