Strategy Reports Record Profit, Expands Bitcoin Holdings

Strategy, formerly known as MicroStrategy, reported a record $10 billion profit in Q2 2024, driven by surging Bitcoin prices and the adoption of fair-value accounting rules. The company now holds more than 628,000 BTC, valued between $69 and $74 billion, and is shifting focus away from software to become the world's largest corporate Bitcoin treasury. In line with this strategy, Strategy launched a $4.2 billion at-the-market equity program for its STRC preferred shares to acquire additional Bitcoin. Executives, including Michael Saylor, downplayed the record profits and highlighted a long-term vision to reshape corporate finance through aggressive Bitcoin accumulation. Meanwhile, the U.S. Department of Justice moved to seize $2.4 million in Bitcoin from a ransomware group, intending to add it to the Strategic Bitcoin Reserve. The U.S. is estimated to hold about 198,000 BTC, though actual holdings may be higher due to assets managed by various agencies.