2 years ago
Microstrategy has purchased 6,455 bitcoins for astir $150 cardinal astatine an mean terms of $23,238 per coin. With its latest purchase, Microstrategy present holds 138,955 bitcoins acquired astatine an mean of $29,817 per coin. Moreover, the institution besides paid disconnected its indebtedness from troubled Silvergate Bank successful full.
Microstrategy Buys More Bitcoin
Nasdaq-listed Microstrategy Inc. (Nasdaq: MSTR) announced Monday that it has acquired 6,455 much bitcoins. CEO Michael Saylor tweeted:
Microstrategy repaid its $205M Silvergate indebtedness astatine a 22% discount. As of 3/23/23, MSTR acquired an further ~6,455 bitcoins for ~$150M astatine an mean of ~$23,238 per bitcoin & held ~138,955 BTC acquired for ~$4.14B astatine an mean of ~$29,817 per bitcoin.
In a filing with the U.S. Securities and Exchange Commission (SEC) connected Monday, the institution elaborate that the 6,455 bitcoins were acquired betwixt Feb. 16 and March 23.
Repayment of Silvergate Loan
The filing further explains that the Nasdaq-listed bundle institution voluntarily prepaid its indebtedness from the failed Silvergate Bank. Microstrategy’s wholly owned subsidiary, Macrostrategy, entered into a Credit and Security Agreement with Silvergate connected March 23 past twelvemonth for a $205 cardinal loan. “The indebtedness was collateralized by definite bitcoin owned by Macrostrategy and a $5.0 cardinal currency reserve relationship held by Macrostrategy astatine Silvergate,” the institution noted.
Silvergate Bank was among the banks that fell into occupation this month. The crypto-friendly slope announced voluntary liquidation connected March 8. A fewer days earlier its liquidation announcement, the slope terminated its crypto payments network, the Silvergate Exchange Network (SEN).
The 2 companies entered into a “Prepayment, Waiver and Payoff to Credit and Security Agreement” On March 24 for Microstrategy to wage disconnected the loan. The SEC filing details:
Macrostrategy voluntarily prepaid Silvergate astir $161.0 cardinal (the ‘Payoff Amount’), successful afloat repayment, satisfaction, and discharge of the Loan and each different obligations nether the Credit Agreement.
“Upon Silvergate’s receipt of the payoff amount, the Credit Agreement was terminated, and Silvergate released its information involvement successful each of Macrostrategy’s assets collateralizing the loan, including the bitcoin that was serving arsenic collateral,” Microstrategy clarified.
What bash you deliberation astir Microstrategy buying much bitcoin and present holding 138,955 btc? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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