MicroStrategy, one of the biggest holders of Bitcoin, has once again added more Bitcoin to its portfolio. Michael Saylor, the company’s co-founder, has revealed that it acquired a little more than 12,222 BTC for $65,882, valued at $805.2 Million. This will be the 41st time MicroStrategy has added extra assets to its Bitcoin holdings.
The company’s cumulative holdings now stand at 226,500 BTC, worth $14.5 Billion after its fourth-quarter acquisition. The earning call for MicroStrategy recorded that Bitcoin earnings stands at 12% Year to Date (YTD). The company is targeting a 4%-8% rate annually in the next three years.
The company is planning on using the release of the coin’s yield as a Key Performance Indicator (KPI) to evaluate the performance of the company’s Bitcoin acquisition strategy in a way that the company thinks is beneficial to the shareholders.
MicroStrategy Records $102.6 Million Loss in Second Quarter
MicroStrategy has asserted that the Bitcoin Yield is a major KPI that represents the percentage change in the Period-to-Period (PoP) ratio seen between every individual Bitcoin holdings and the company’s “Assumed Diluted Shares Outstanding.” MicroStrategy, in its latest 2024 second-quarter report, recorded a net loss of approximately $102.6 million.
This development has presented a change from 2023, when it recorded more change in profit. It also had a drop of 7.4% in its total revenue, causing it to fall to $111.4 million from 2023. The company’s subscription services grew by 21% in revenue to stand at $24.1 million.
MicroStrategy corrected by more than 20% this week, displaying a strong selling temperament. The stock, MSTR, took support at the 50-day EMA mark, splitting at a ratio of 10:1 on the 8 of August, 2024. MicroStrategy stocks have always displayed a bullish movement, increasing by more than 50%, hovering around the $1800 price resistance.
Popcat, AIOZ, Others Emerge Top Gainers, Industry Value Drop by 1.24%
The cryptocurrency market is currently experiencing an intraday trading session globally, with a little bearish presence. As of press time, the cumulative market capitalization of the cryptocurrency industry has dropped by 1.24% to rest at $2.29 trillion. This is happening at a time when most major cryptocurrency assets are trading on a negative note.
The price of Bitcoin did not display any major move throughout yesterday’s trading and has managed to maintain its $64,316 position. The intraday gainers as of the 1 of August are Aave (AAVE), which gained by 9.24% to trade at $115.10. Popcat (POPCAT) was the second best performing, gaining by +6.88% to sell at $0.6624.
AIOZ Network (AIOZ) Aldi gained by +6.34% to trade at $0.5963, while Helium (HNT) and MANTRA (OM) both gained by +6.14% and +4.41% to sell at $5.05 and $1.18 respectively. Among the intraday losers are Arweave (AR), which lost 10.11% to trade at $2.79, and Beam (BEAM), which lost by 8.38% to trade at $0.01643.
XRP, Others Make Top Losers, Anxiety Over Ripple Settlement Rise
ORDI (ORDI) also lost by 8.22% to sell at $32.23. Ondo (ONDO) and XRP (XRP) lost by 8.19% and -7.64%, trading at $0.8562 and $0.5624, respectively. An update from the Ripple-SEC settlement arrangement has it that both parties are working to have an out-of-court settlement.
A leaked memo dated the 25 of July, 2024, says there are four topics slated for discussion in the forthcoming meeting. These topics include defined settlement terms and the institutionalization process of an injunctive action, topics connected to the enforcement protocol, and some points that have to do with the litigation demands.
XRP has recently started making positive moves, preparing to make a bullish run. This revelation has introduced a new hope in XRP activities and may likely mark the end of the rift between Ripple and the SEC. However, the leaked memo is believed to have been sent by Vanessa Countryman, the current SEC’s secretary.
Collin Brown, a freelance blockchain researcher, has concluded a positive conclusion from the meeting mat user in another new price position for the XRP. He advised traders to start stocking up XRP and not to be left out of the impending gains that will arise from the new price position.