• MicroStrategy has bought 6,455 BTC at an average price of $23,238.
• The company’s total holdings now stand at 138,955 BTC acquired for roughly $4.14 billion.
• MicroStrategy also repaid its Bitcoin-collateralized loan to Silvergate at a 22% discount.
MicroStrategy Buys Additional 6,455 BTC
MicroStrategy has resumed its bitcoin accumulation spree after three months on the sidelines and recently purchased 6,455 BTC at an average price of $23,238. The total purchase was worth approximately $150 million and increased the firm’s total holdings to 138,955 BTC acquired for roughly $4.14 billion at an average of $29,817 per coin.
Unreailized Loss Shrinks
With bitcoin’s recent price surge, the company’s unrealized loss has shrunk considerably as it was worth over $1 billion until recently.
Repays Loan to Silvergate
Aside from the firm’s first bitcoin purchase this year, MicroStrategy also repaid its Bitcoin-collateralized loan to Silvergate Bank at a substantial discount. The loan was initially worth $205 million and was paid off with a 22% discount.
Michael Saylor Announces Purchase
The former CEO of MicroStrategy took it to Twitter on March 27th to announce the latest bitcoin purchase by his firm which was completed by March 23rd. Michael Saylor wrote that with this purchase “the firm’s total holdings grew to 138,955 BTC”.
In conclusion, MicroStrategy has increased their total Bitcoin stash by buying 6,500 more coins and repaying their loan to Silvergate Bank at a discounted rate. This shows that they are committed to their long term strategy of accumulating more cryptocurrency assets in order to diversify their portfolio and hedge against inflationary fiat currencies like the US Dollar or Euro