Key points to remember
- MicroStrategy acquired 1,045 BTC over the past week.
- The company now holds 140,000 BTC.
- She recently repaid her $205 million loan to Silvergate Bank at a 22% discount.
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MicroStrategy has once again increased its bitcoin stack. The company now holds 140,000 BTC, worth $3.9 billion at today’s prices.
An additional 1,045 BTC
Michael Saylor continues to add to his Bitcoin bet.
The co-founder of MicroStrategy announcement today on Twitter that the company purchased an additional 1,045 BTC for approximately $29 million at an average price of $28,016 per coin. MicroStrategy now holds 140,000 BTC, a sum worth $3.9 billion at the time of writing. Saylor tweeted that the average acquisition price for MicroStrategy was $29,803 per bitcoin.
MicroStrategy said last week that it had repaid its $205 million loan to Silvergate Bank following the bank’s sudden demise. The loan was secured by 34,619 of the company’s bitcoin holdings, as well as a $5 million cash reserve held at Silvergate. Since the loan had an expected maturity date of March 2025, MicroStrategy managed to strike a deal with Silvergate to prepay its dues for just $161 million, a 22% discount.
On the same day, MicroStrategy announced that it had acquired an additional 6,455 BTC for around $150 million, for an average price of around $23,238 per coin.
Saylor resigned from his position as CEO of MicroStrategy in August 2022. He is now the executive chairman of the company, with a particular focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives”. MicroStrategy President Phong Le replaced Saylor as CEO and took over management of the company’s day-to-day operations.
Saylor was also accused of tax evasion by Washington D.C. Attorney General Karl Racine in August 2022. The District of Columbia alleges that Saylor never paid income tax despite having lived in the district for more than 10 years. MicroStrategy was also sued for “conspiring to help (Saylor) evade taxes he legally owes on hundreds of millions of dollars he earned while living in Washington.” Saylor lost an auction to reject applications in March 2023.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.