Bitcoin News

MicroStrategy Pays Off Silvergate Loan, Buys More Bitcoin

MicroStrategy (MSTR), a software company that was co-founded by crypto advocate Michael Saylor and that holds a large amount of bitcoin (BTC), prepaid the remaining principal on its $205 million loan from failed, crypto-focused Silvergate Bank, according to a filing with the U.S. Securities and Exchange Commission on Friday. The filing was made public. MicroStrategy is a company that holds a large amount of bitcoin (BTC).

In addition, MicroStrategy stated that it has acquired an additional 6,455 bitcoins in the preceding five weeks for a total cost of around $150 million (or approximately $23,238 per coin).

On Friday, the repayment of the debt was completed, and the entire amount was 161 million dollars. As part of the process of repaying the debt, the 34,619 bitcoins that had been kept as collateral were handed back over to the custody of MicroStrategy. The financing was secured by the business in March of last year.

With the purchase of these additional 6,455 bitcoins, MicroStrategy’s total holdings now total 138,955 bitcoins, which were acquired at an average price of $29,817 per coin and are currently valued at approximately $3.88 billion based on the price of one bitcoin, which is $27,900.

MicroStrategy has also reported that it has raised $339.4 million this year through the sale of its shares and has utilized the revenues from these sales to repay the debt that it received from Silvergate. The price of a share of MicroStrategy was higher before the market opened by 0.9%.


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