MicroStrategy Repays Silvergate Loan

Published on:

Last Updated on March 27, 2023 by Bitfinsider

MicroStrategy, the biggest business Bitcoin holder, has returned the $161 million remaining amount on its $205 million borrowing from Silvergate Bank.

According to a Securities and Exchange Commission document, the business has terminated its credit arrangement with Silvergate and reclaimed the 34,619 BTC kept as collateral against the debt.

MicroStrategy also revealed in the same SEC filing that it spent $150 million purchasing 6,455 more BTC between February 16 and March 23.

When the software firm revealed the loan deal last year, it made headlines because it had secured the loan with Bitcoin in order to purchase more Bitcoin. However, for the world’s biggest cryptocurrency, those were happier days. Bitcoin was selling for more than $42,000 at the moment, and MicroStrategy’s 128,687 BTC treasury was valued more than $6 billion.

MicroStrategy and its companies now own 138,955 BTC in total. The firm claims to have spent a total of $4.14 billion for its Bitcoin holdings. Its assets are valued $3.8 billion at current prices.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.