{"id":19176,"date":"2023-03-27T14:37:55","date_gmt":"2023-03-27T14:37:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/microstrategy-buys-6455-more-bitcoin-now-holds-138955-btc-featured-bitcoin-news\/"},"modified":"2023-03-27T14:37:55","modified_gmt":"2023-03-27T14:37:55","slug":"microstrategy-buys-6455-more-bitcoin-now-holds-138955-btc-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/microstrategy-buys-6455-more-bitcoin-now-holds-138955-btc-featured-bitcoin-news\/","title":{"rendered":"Microstrategy Buys 6,455 More Bitcoin \u2014 Now Holds 138,955 BTC \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. With its latest purchase, Microstrategy now holds 138,955 bitcoins acquired at an average of $29,817 per coin. Moreover, the company also paid off its loan from troubled Silvergate Bank in full.<\/strong><\/p>\n

Microstrategy Buys More Bitcoin<\/h2>\n

Nasdaq-listed Microstrategy Inc. (Nasdaq: MSTR) announced Monday that it has acquired 6,455 more bitcoins. CEO Michael Saylor tweeted:<\/p>\n

\n

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<\/a> acquired for ~$4.14B at an average of ~$29,817 per bitcoin.<\/p>\n<\/blockquote>\n

In a filing<\/a> with the U.S. Securities and Exchange Commission (SEC) on Monday, the company detailed that the 6,455 bitcoins were acquired between Feb. 16 and March 23.<\/p>\n

Repayment of Silvergate Loan<\/h2>\n

The filing further explains that the Nasdaq-listed software company voluntarily prepaid its loan from the failed Silvergate Bank. Microstrategy\u2019s wholly owned subsidiary, Macrostrategy, entered into a Credit and Security Agreement with Silvergate on March 23 last year for a $205 million loan. \u201cThe loan was collateralized by certain bitcoin owned by Macrostrategy and a $5.0 million cash reserve account held by Macrostrategy at Silvergate,\u201d the company noted.<\/p>\n

Silvergate Bank was among the banks that fell into trouble this month. The crypto-friendly bank announced voluntary liquidation<\/a> on March 8. A few days before its liquidation announcement, the bank terminated<\/a> its crypto payments network, the Silvergate Exchange Network (SEN).<\/p>\n

The two companies entered into a \u201cPrepayment, Waiver and Payoff to Credit and Security Agreement\u201d On March 24 for Microstrategy to pay off the loan. The SEC filing details:<\/p>\n

\n

Macrostrategy voluntarily prepaid Silvergate approximately $161.0 million (the \u2018Payoff Amount\u2019), in full repayment, satisfaction, and discharge of the Loan and all other obligations under the Credit Agreement.<\/p>\n<\/blockquote>\n

\u201cUpon Silvergate\u2019s receipt of the payoff amount, the Credit Agreement was terminated, and Silvergate released its security interest in all of Macrostrategy\u2019s assets collateralizing the loan, including the bitcoin that was serving as collateral,\u201d Microstrategy clarified.<\/p>\n

What do you think about Microstrategy buying more bitcoin and now holding 138,955 btc? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/p><\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n