Resume:
- MicroStrategy bolstered its Bitcoin bag with a purchase of 6,455 BTC worth about 150 million at current prices.
- Former CEO Michael Saylor noted that the company is also paying back its $205 million Bitcoin-backed loan at a 25% discount.
- Saylor’s digital asset company now holds about 138,955 BTC worth about $4.14 billion.
MicroStrategy, the digital asset powerhouse, recently bought more Bitcoin for $150 million and repaid its BTC-backed loan to troubled crypto-friendly bank Silvergate, per a submit with the US Securities and Exchange Commission.
The company raised some 6,455 BTC at an average price of $23,238 per Bitcoin, adding to its already huge BTC portfolio with 138,955 BTC worth a whopping $4.14 billion. The latest purchase brings MicroStrategy’s average purchase price to approximately $29,817 per Bitcoin.
Former CEO Michael Saylor also confirmed that the BTC savvy software maker has repaid its $205 million loan to troubled US bank Silvergate. MicroStrategy secured a $205 million Bitcoin-backed loan in April 2022. The loan was negotiated through a subsidiary, MacroStrategy, and the terms of the loan enabled Saylor’s company to make early repayments.
On Monday, Saylor announced that Microstrategy is repaying San Diego-based Silvergate Bank at a 22% discount. The early redemption caused the beleaguered bank to reportedly suffer $45 million in losses, in addition to the crisis that has plagued the traditional banking system in the US and the broader global economy.
In August 2020, Saylor’s company parked its first set of capital in crypto’s leading coin and largest asset by market capitalization – BTC. The company has grown its Bitcoin vault to become one of the largest holders of BTC since August, deploying hundreds of millions of dollars in crypto’s top assets and securing important loans to expand its crypto portfolio.
Michael Saylor resigns as CEO of MicroStrategy
Bitcoin public advocate and entrepreneur stepped down as CEO of MicroStrategy amid a 2022 exodus of C-suite execs. Saylor resigns supposedly caused a stir when his company posted a $1 billion loss in the second quarter of 2022, largely due to $917 million in impairments on its major Bitcoin holdings.
At the time, the crypto industry was front and center in the mainstream media as industry stakeholders tumbled and the DeFi protocol underwent massive hacks.
