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

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

Updated: 02 August 2024

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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.