Summary:
- MicroStrategy bolstered its Bitcoin bag with a 6,455 BTC purchase worth around 150 million at today’s prices.
- Former CEO Michael Saylor noted that the company also repaid its $205 million Bitcoin-collateralized loan at a 25% discount.
- Saylor’s digital asset firm now holds around 138,955 BTC worth approximately $4.14 billion.
Digital asset powerhouse MicroStrategy recently bought more Bitcoin for $150 million and repaid its BTC-collateralized loan to troubled crypto-friendly bank Silvergate, per a filing with the U.S. Securities and Exchange Commission.
The company scooped up some 6,455 BTC at an average price of $23,238 per Bitcoin, adding to its already massive BTC portfolio that boasts 138,955 BTC worth a staggering $4.14 billion. The latest buy brings MicroStrategy’s average buy price to around $29,817 per Bitcoin.
Former CEO Michael Saylor also confirmed that the BTC-savvy software maker repaid its $205 million loan to the troubled U.S. bank Silvergate. MicroStrategy secured a $205 million Bitcoin-collateralized loan in April 2022. The loan was agreed upon through a subsidiary entity MacroStrategy and the terms of the loan allowed Saylor’s company an early payback.
On Monday, Saylor announced that Microstrategy repaid the San Diego-based Silvergate Bank at a 22% discount. The early repayment reportedly left the beleaguered bank with $45 million in losses in addition to the crisis sweeping the traditional banking system in the U.S. and the broader global economy.
Back in August 2020, Saylor’s firm parked its first set of capital in crypto’s leading coin and largest asset by market cap – BTC. The company has grown its Bitcoin vault to one of the single largest holders of BTC since August, deploying hundreds of millions of dollars in crypto’s top asset and securing key loans to expand its crypto portfolio.
Michael Saylor Quits CEO Role At MicroStrategy
The public Bitcoin proponent and entrepreneur stepped down as CEO of MicroStrategy amid an exodus of C-suite execs in 2022. Saylor resignation supposedly caused an uproar as his company posted a $1 billion loss in Q2 2022, largely due to $917 million in impairment charges on its large Bitcoin holdings.
At the time, the crypto industry was starring down the mainstream media barrel as industry stakeholders tumbled and DeFi protocol suffered massive hacks.
