MicroStrategy CEO Michael Saylor Celebrates Bitcoin White Paper Day, Ignores Earnings Miss
- Barbara StreisandOriginal
- 2024-11-01 00:04:14678browse
It seems Michael Saylor didn’t care much about Microstrategy’s worse-than-expected quarterly results ut instead, he decided to appropriately celebrate 16th anniversary if the Bitcoin Whitepaper Day.
MicroStrategy CEO Michael Saylor celebrated the 16th anniversary of the Bitcoin Whitepaper Day by thanking Satoshi on his X profile for all the good things that had resulted from this groundbreaking masterpiece.
However, Saylor's enthusiasm for Bitcoin seemed to overshadow the news of MicroStrategy's worse-than-expected quarterly results.
As reported by several news outlets, MicroStrategy announced a net loss of $293.1 million, or $2.33 per share, in the third quarter of 2024, compared with a net income of $183.4 million, or $1.44 per share, in the same period last year.
The worse-than-expected results were largely driven by a $444.5 million impairment charge on MicroStrategy's bitcoin holdings, as the cryptocurrency's price fell during the quarter.
Despite the worse-than-expected quarterly results, MicroStrategy shares rose 3.5% in premarket trading on Monday.
The company also announced that it had entered into an agreement with several sales agents, including TD Securities (USA) LLC and Barclays Capital Inc., to sell up to $21 billion in Class A common stock from time to time.
The agreement, finalized on October 30, will allow MicroStrategy to offer and sell shares on an “at the market” basis.
According to the statement, the “at the market” arrangement will give MicroStrategy flexibility to sell shares at prevailing market prices as needed.
The sales agents will operate on a commercially reasonable efforts basis and will allow the company to control the timing and amount of shares sold.
MicroStrategy will remain under no obligation to sell any shares and may decide to work with only one agent on any given day.
Michael Saylor has been a longtime proponent of Bitcoin, frequently extolling its virtues and integrating it into MicroStrategy's business strategy.
In recent months, Saylor has stepped down from his role as MicroStrategy CEO to focus on Bitcoin initiatives, including the development of a Bitcoin mining hardware ecosystem.
Now serving as MicroStrategy's executive chairman, Saylor continues to play a pivotal role in the company's endeavors, including its foray into Bitcoin mining.
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