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MicroStrategy’s Bitcoin Stack Reaches 140,000 BTC

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Key Takeaways

MicroStrategy acquired 1,045 BTC over the past week.
The company now holds 140,000 BTC.
It recently paid off its $205 million loan to Silvergate Bank at a 22% discount.

MicroStrategy grew its bitcoin stack yet again. The company now holds 140,000 BTC, worth $3.9 billion at today’s prices.

An Extra 1,045 BTC

Michael Saylor keeps adding to his Bitcoin bet.

The MicroStrategy co-founder announced today on Twitter that the company had purchased an additional 1,045 BTC for roughly $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 indicated in his tweet that MicroStrategy’s average price of acquisition was $29,803 per bitcoin.

MicroStrategy declared last week that it had paid off its $205 million loan to Silvergate Bank following the bank’s sudden demise. The loan was collateralized with 34,619 of the company’s bitcoin holdings, as well as a $5 million cash reserve held at Silvergate. Because the loan had a scheduled maturity date of March 2025, MicroStrategy managed to enter an agreement with Silvergate to pay its dues early for only $161 million, a 22% discount.

The same day, MicroStrategy announced that it had acquired an additional 6,455 BTC for approximately $150 million, for an average price of approximately $23,238 per coin.

Saylor stepped down from his position as CEO of MicroStrategy in August 2022. He is now the company’s executive chairman, with a single-minded focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” MicroStrategy president Phong Le replaced Saylor as CEO and took over the management of the company’s day-to-day operations.

Saylor was also Go to Source to See Full Article
Author: Tom Carreras

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