MicroStrategy pays off a loan from Silvergate Bank and buys more bitcoins.
In a recent tweet, the head of the software company MicroStrategyMichael Saylor, said the company prepaid the remaining principal on the loan from Silvergate Bank (which is now bankrupt).
The loan from Silvergate was made in March 2022. The amount disclosed was $205 million at a 22% discount. The loan repayment was made by MicroStrategy last Friday and totaled $161 million.
Subsequently, 34,619 bitcoins held as collateral were returned to MicroStrategy.
Additionally, according to filings with the SEC, Saylor said that his company purchased an additional 6,455 bitcoins for about $150 million (about $23,238 per coin) in the past five weeks.
MicroStrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, $MSTR acquire 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
The purchase of an additional 6,455 bitcoins brought the total number of bitcoins MicroStrategy holds to 138,955 bitcoins (with an average purchase price per bitcoin of $29,817).
MicroStrategy’s total bitcoins at the time of writing at the current bitcoin price are $27,900, worth about $3.8 billion.
With MicroStrategy’s more bitcoin purchases, how will the market move? If you look back at this company’s bitcoin buying history, it’s usually a ‘pump’ after each bitcoin purchase.
See also: MicroStrategy confirms that it will continue to buy and hold Bitcoin for a long time
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