MicroStrategy repays Silvergate Bank loan, buy 6,455 BTC

Posted on

  • MicroStrategy founder Michael Saylor announced that the company has repaid $205 million in debt at a 22% discount.
  • The company also bought 6,455 bitcoins worth $150 million.
  • Saylor’s company currently holds over 138,900 bitcoins.

MicroStrategy, the world’s largest corporate holder Bitcoinhas revealed that it recently bought more BTC.

The business intelligence company founded by bitcoin bull Michael Saylor also announced on Monday that it has repaid a loan to failed crypto-friendly bank Silvergate Bank.

MicroStrategy repaid $250M loan, bought 6,455 BTC

Saylor, referring to his company’s latest SEC filingsaid that MicroStrategy has now fully repaid the $205 million debt it borrowed from Silvergate due in March 2022. The company reportedly approved the loan principal with a 22% discount, with Friday’s payment clearing MicroStrategy of a $160 million collateralized loan.

As a result, the company withdrew its 34,619 BTC that had been pledged as collateral.

MicroStrategy confirmed the purchase of 6,455 BTC for a total of $150 million and an average of $23,238 per coin. Saylor’s bitcoin strategy now includes a total bitcoin haul of 138,955 BTC since the company’s first move in 2020.

So far, total BTC holdings have been acquired at a cost of $4.1 billion, with each bitcoin bought at an average price of $29,817.

Bitcoin is currently trading around $27,809, while MicroStrategy shares closed Friday at $256.67 and were down 0.07% at 9:10 a.m. ET ahead of the US markets open on Monday.

Leave a Reply

Your email address will not be published. Required fields are marked *