MicroStrategy continues to stack bitcoin, with the help of a sizable discount on a loan taken out at Silvergate Bank.
MicroStrategy has announced the repayment of a $205M bitcoin-collateralized loan in full at a 22% discount for $160M, along with the acquisition of an additional 6,455 BTC, bringing their total holdings to 138,955 BTC.
According to a tweet by Chairman Michael Saylor, the bitcoin was acquired at an average price of ~$29,817 per bitcoin. The loan was through now-collapsed Silvergate Bank, which explains the steep discount on the loan paid off by MicroStrategy.
MicroStrategy continues to have the largest public corporation holdings of bitcoin, with second-in-line Marathon holding more than 100,000 bitcoin less than MicroStrategy.
MicroStrategy began buying bitcoin back in August 2020, only selling it for the first time in December 2022 for the purpose of tax loss harvesting. Even then, it continued to add to its bitcoin collection, acquiring 2,500 bitcoin shortly after the sale.
MicroStrategy also recently announced its plans to release enterprise infrastructure services and content monetization solutions using the Bitcoin Lightning Network. Michael Saylor, who was the company’s CEO from its inception, changed his role at the company in August 2022 in order to further focus on the company’s stated mission of advancing Bitcoin adoption and development.
Today’s news of further acquisition of bitcoin by the company reiterates its belief in the long-term viability of their bitcoin investment, and shows that large entities continue to acquire bitcoin as the price has ramped up in recent weeks.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
