Michael Saylor’s MicroStrategy repays Silvergate loan and buys 6.5K BTC

MicroStrategy, a business intelligence firm and a major Bitcoin (BTC) investor, is acquiring more BTC amid the recent cryptocurrency market recovery.

MicroStrategy co-founder and former CEO Michael Saylor took to Twitter on March 27 to announce that the firm has repaid its $205 million loan to Silvergate.

Citing a form 8-K filing with the United States Securities and Exchange Commission, Saylor stressed that MicroStrategy repaid the Silvergate loan at a 22% discount.

The company has also acquired a significant stash of Bitcoin, purchasing 6,455 BTC for $150 million, or at an average price of $23,238 per coin as of March 23, the former CEO said. With the purchase, MicroStrategy has increased its total Bitcoins holdings to 138,955 BTC, bought for $4.1 billion at an average of $29,817 per coin, Saylor said.

This is a developing story, and further information will be added as it becomes available.

Source: Read Full Article