MicroStrategy Splurges $150 Million On Bitcoin, Repays $205 Million Silvergate Loan At 22% Discount

Summary:

• MicroStrategy bolstered its Bitcoin container with a 6,455 BTC acquisition worthy astir 150 cardinal astatine today’s prices.
• Former CEO Michael Saylor noted that the institution besides repaid its $205 cardinal Bitcoin-collateralized indebtedness astatine a 25% discount.
• Saylor’s integer plus steadfast present holds astir 138,955 BTC worthy astir $4.14 billion.

Digital plus powerhouse MicroStrategy precocious bought much Bitcoin for $150 cardinal and repaid its BTC-collateralized indebtedness to troubled crypto-friendly slope Silvergate, per a filing with the U.S. Securities and Exchange Commission.

The institution scooped up immoderate 6,455 BTC astatine an mean terms of $23,238 per Bitcoin, adding to its already monolithic BTC portfolio that boasts 138,955 BTC worthy a staggering $4.14 billion. The latest bargain brings MicroStrategy’s mean bargain terms to astir $29,817 per Bitcoin.

Former CEO Michael Saylor besides confirmed that the BTC-savvy bundle shaper repaid its $205 cardinal indebtedness to the troubled U.S. slope Silvergate. MicroStrategy secured a $205 cardinal Bitcoin-collateralized indebtedness successful April 2022. The indebtedness was agreed upon done a subsidiary entity MacroStrategy and the presumption of the indebtedness allowed Saylor’s institution an aboriginal payback.

On Monday, Saylor announced that Microstrategy repaid the San Diego-based Silvergate Bank astatine a 22% discount. The aboriginal repayment reportedly near the beleaguered slope with $45 cardinal successful losses successful summation to the situation sweeping the accepted banking strategy successful the U.S. and the broader planetary economy.

Back successful August 2020, Saylor’s steadfast parked its archetypal acceptable of superior successful crypto’s starring coin and largest plus by marketplace headdress – BTC. The institution has grown its Bitcoin vault to 1 of the azygous largest holders of BTC since August, deploying hundreds of millions of dollars successful crypto’s apical plus and securing cardinal loans to grow its crypto portfolio.

Michael Saylor Quits CEO Role At MicroStrategy

The nationalist Bitcoin proponent and entrepreneur stepped down arsenic CEO of MicroStrategy amid an exodus of C-suite execs successful 2022. Saylor resignation supposedly caused an uproar arsenic his institution posted a $1 cardinal nonaccomplishment successful Q2 2022, mostly owed to $917 cardinal successful impairment charges connected its ample Bitcoin holdings.

At the time, the crypto manufacture was starring down the mainstream media tube arsenic manufacture stakeholders tumbled and DeFi protocol suffered monolithic hacks.

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