MicroStrategy Repaid $205M Loan to Silvergate and Bought 6,500 More BTC
The world’s largest corporate holder of bitcoin has resumed its accumulation spree after three months on the sidelines.
Additionally, the Michael Saylor-founder business intelligence giant has repaid its Bitcoin-collateralized loan to Silvegate at a substantial discount.
The former company CEO took it to Twitter on March 27 to announce the latest bitcoin purchase from his firm, which was completed by March 23. MicroStrategy bought 6,455 BTC at an average price of $23,238, and the total purchase was worth approximately $150 million.
With it, the firm’s total holdings grew to 138,955 BTC, acquired for roughly $4.14 billion at an average price of $29,817 per BTC.
With bitcoin’s recent price surge, the company’s unrealized loss has shrunk considerably, as it was worth over $1 billion until recently.
MicroStrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, $MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per #bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin. https://t.co/ALp9VLkTpt
— Michael Saylor⚡️ (@saylor) March 27, 2023
Aside from the firm’s first BTC purchase of the year, MicroStrategy repaid its BTC-collateralized loan to the failed Silvergate Bank. The two sides shook hands last year for a $205 million loan that the software company used to accumulate more BTC.
According to Saylor’s tweet, MicroStrategy repaid the loan at a 22% discount.
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