YEREVAN (CoinChapter.com) – MicroStrategy announced on June 28 that it had purchased a new batch of 12,333 Bitcoin (BTC) at an average rate of around $28,100 per token, amounting to approximately $370 million.
The business intelligence firm now holds over 152,000 BTC worth $4.5 billion, according to the current BTC/USD exchange rates. It remains the top public company with maximum crypto exposure, holding over 0.7% of the total Bitcoin supply.
Meanwhile, according to previous reports, MicroStrategy should think twice about pouring additional funds into BTC. The Michael Saylor-led firm might be heading for trouble, as representatives stated it might not be able to cover its debt interests.
According to Q1 earnings report, the business intelligence firm recorded an over 2% increase YoY in revenue, netting $121.9 million in Q1 2023. Moreover, the firm recorded a decrease in digital asset impairment losses, with $18.9 million in Q1 2023 compared to $170 million in Q1 2022.
However, despite the positive updates from the firm, the Q1 earning report contained some warning signs. MicroStrategy warned investors that the firm’s indebtedness might hamper its Bitcoin acquisition strategy, fund its software operations, or “take advantage of new business opportunities.”
Possibly, the fresh BTC rally above $30,000 inspired Saylor to throw caution to the wind. Meanwhile, the fiscal results of the decision will be evident once the Q2 report is released in mid-July.
-The story is developing-
