Bitcoin News and Finance
Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC Skip to main content

Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC

Microstategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC

Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. With its latest purchase, Microstrategy now holds 138,955 bitcoins acquired at an average of $29,817 per coin. Moreover, the company also paid off its loan from troubled Silvergate Bank in full.

Microstrategy Buys More Bitcoin

Nasdaq-listed Microstrategy Inc. (Nasdaq: MSTR) announced Monday that it has acquired 6,455 more bitcoins. CEO Michael Saylor tweeted:

Microstrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin.

In a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company detailed that the 6,455 bitcoins were acquired between Feb. 16 and March 23.

Repayment of Silvergate Loan

The filing further explains that the Nasdaq-listed software company voluntarily prepaid its loan from the failed Silvergate Bank. Microstrategy’s wholly owned subsidiary, Macrostrategy, entered into a Credit and Security Agreement with Silvergate on March 23 last year for a $205 million loan. “The loan was collateralized by certain bitcoin owned by Macrostrategy and a $5.0 million cash reserve account held by Macrostrategy at Silvergate,” the company noted.

Silvergate Bank was among the banks that fell into trouble this month. The crypto-friendly bank announced voluntary liquidation on March 8. A few days before its liquidation announcement, the bank terminated its crypto payments network, the Silvergate Exchange Network (SEN).

The two companies entered into a “Prepayment, Waiver and Payoff to Credit and Security Agreement” On March 24 for Microstrategy to pay off the loan. The SEC filing details:

Macrostrategy voluntarily prepaid Silvergate approximately $161.0 million (the ‘Payoff Amount’), in full repayment, satisfaction, and discharge of the Loan and all other obligations under the Credit Agreement.

“Upon Silvergate’s receipt of the payoff amount, the Credit Agreement was terminated, and Silvergate released its security interest in all of Macrostrategy’s assets collateralizing the loan, including the bitcoin that was serving as collateral,” Microstrategy clarified.

What do you think about Microstrategy buying more bitcoin and now holding 138,955 btc? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory