MicroStrategy Acquires More BTC After Repaying Silvergate Loan

MicroStrategy said it now holds 138,955 BTC acquired for approximately $4.14 billion at an average price of $29,817.

MicroStrategy said it spent roughly $150 million to acquire 6,455 Bitcoin (BTC) between February 16 and March 23, according to a March 27 SEC filing.

The pro-Bitcoin firm added that it prepaid the principal of $161 million on its loan from failed crypto-friendly bank Silvergate Bank.

According to the previous announcement, its subsidiary MacroStrategy received a $205 million term loan from Silvergate Bank under its Silvergate Exchange Network Leverage program in March 2022. MacroStrategys certain BTC served as collateral for the loan scheduled for maturity on March 23, 2025.

The business intelligence company, which is also a major BTC investor, acquired more BTC as the crypto market recovered in recent times. Saylor revealed that MicroStrategy is buying 6,455 BTC for $150 million, representing an average price of $23,238 per BTC as of four days ago.

MicroStrategy continues to have the largest public corporation holdings of bitcoin, with second-in-line Marathon holding more than 100,000 bitcoin less than MicroStrategy.

According to the filing also shows that its recent acquisition of Bitcoin was between Feb. 16, 2023, and March 23, 2023. “As of March 23, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 138,955 bitcoins, which were acquired at an aggregate purchase price of approximately $4.14 billion and an average purchase price of approximately $29,817 per bitcoin, inclusive of fees and expenses,” reads the filing.

MicroStrategy also recently announced its plans to release enterprise infrastructure services and content monetization solutions using the Bitcoin Lightning Network. Michael Saylor, who was the company‘s CEO from its inception, changed his role at the company in August 2022 in order to further focus on the company’s stated mission of advancing Bitcoin adoption and development.