MicroStrategy buys another $150 million worth of Bitcoin

2023-3-28 16:30

MicroStrategy founder Michael Saylor announced the company had repaid the $205 million loan at a 22% discount. The company also bought 6,455 bitcoins worth $150 million. Saylor’s company currently holds more than 138,900 bitcoins.

MicroStrategy, the world’s largest corporate holder of Bitcoin, has revealed it recently purchased more BTC. 

The business intelligence company, founded by Bitcoin bull Michael Saylor, also announced on Monday that it had repaid the loan to the failed crypto-friendly bank Silvergate Bank.

MicroStrategy repays $250 million loan, buys 6,455 BTC

Saylor, referencing his company’s latest SEC filing, said that MicroStrategy has now fully repaid the $205 million loan it borrowed from Silvergate in March 2022. The company reportedly cleared the loan principal with a 22% discount, with Friday’s payoff seeing MicroStrategy clear the collateralized loan at $160 million.

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

MicroStrategy also confirmed the purchase of 6,455 BTC, acquired for a total of $150 million and at an average $23,238 a 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, the total BTC holdings have been acquired at a cost of $4.1 billion, with each bitcoin purchased at the average price of $29,817.

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

Bitcoin currently trades around $27,809 while MicroStrategy shares closed at $256.67 on Friday and were 0.07% down at 9.10 am ET ahead of US markets opening on Monday.

The post MicroStrategy buys another $150 million worth of Bitcoin appeared first on CoinJournal.

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