Strategy CEO calls it ‘most misunderstood’ stock amid record profit
Strategy CEO Phong Le says the market still misunderstands and undervalues its Bitcoin play, as it posted $10 billion profit in the second quarter and plans to raise $4.2 billion to buy more.
Strategy’s shares fell 1.4% in after-hours trading despite posting a company-record $10 billion in profit in the second quarter, as CEO Phong Le called the Bitcoin-holding company the “most misunderstood and undervalued stock” in the market.
Strategy’s operating income rose 7,100% year-on-year (YOY) to $14 billion, the company Michael Saylor co-founded said in its earnings statement on Thursday.
It marked the second reporting period in which the firm applied fair value accounting, which includes unrealized gains from Bitcoin (BTC).
Strategy also announced plans to raise another $4.2 billion worth of shares through one of its preferred stock offerings to buy more Bitcoin, part of its long-term goal to buy $84 billion worth of the cryptocurrency under its upgraded “42/42” plan.
