Michael Saylor’s Microstrategy no longer has an outstanding loan with the distraught United States financial institution Silvergate Bank.
It has been confirmed that the business intelligence company has paid the $161 million outstanding balance from the $205 million obtained from Silvergate in March 2022. Based on a filing with the Securities and Exchange Commission (SEC), MicroStrategy does not have any other credit agreement with Silvergate Bank and has now reclaimed the 34,619 BTC held as collateral against the loan.
When Silvergate Bank announced plans to voluntarily liquidate its assets and wind down operations, MicroStrategy claimed it has no significant exposure to the troubled bank except an outstanding loan which was not due until the first quarter of 2025.
Furthermore, the publicly listed business intelligence firm explained that the insolvency or bankruptcy of Silvergate will in no way accelerate the repayment of the loan. It was quite surprising that MicroStrategy decided to go through a repayment when it still has a two years deadline on the loan.
MicroStrategy Increases its BTC Holdings
Additionally, the Bitcoin (BTC) giant has acquired more coins worth around $150 million. This acquisition, according to MicroStrategy, began on the 16th of February and until March 23rd. With the $150 million, the company purchased 6,455 more Bitcoins with each token valued at $23,238 during the time of purchase. Altogether, MicroStrategy now has over $4 billion worth of BTC in its corporate holding.
For all the $4.14 billion worth of BTC held by MicroStrategy, each one is estimated to be worth an average of $29,817 due to the difference in price at the time of their acquisition. Amidst the extreme bear market caused by the implosion of the FTX Derivative Exchange, it is noteworthy that MicroStrategy purchased almost 2,500 BTC worth $41 million.
“As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin,” Michael Saylor tweeted on December 28th.
MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTRhttps://t.co/lcMeULcGQk
— Michael Saylor⚡️ (@saylor) December 28, 2022
Specifically, the 2,395 bitcoins were acquired for approximately $42.8 million at an average price of $17,871 per bitcoin.
