MicroStrategy Pays Off Silvergate Loan, Buys More Bitcoin
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
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Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Alex Thorn
Head of Firmwide Research
Galaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Michael Saylor’s MicroStrategy (MSTR) Monday morning said it prepaid the remaining principal on its loan from now-failed Silvergate Bank, according to a regulatory filing. In addition, the company purchased another 6,455 bitcoin (BTC) for roughly $150 million (about $23,238 per coin) over the past five weeks.
The loan payoff was made last Friday and totaled $161 million. As part of the satisfaction of the loan, 34,619 bitcoin held as collateral for the paper were returned to MicroStrategy’s custody. The Silvergate loan was taken out in March 2022 with an original loan balance of $205 million.
The acquisition of another 6,455 bitcoin brings MicroStrategy’s holdings up to 138,955 bitcoin purchased at an average price of $29,817 each, and worth roughly $3.88 billion at the current bitcoin price of $27,900.
MicroStrategy also disclosed the raising of $339.4 million this year via its at-the-market share sale program, the proceeds of which fully funded the loan payoff.
MSTR shares are up 0.9% premarket.
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Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
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Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
