- Repays Silvergate loan at 22% discount
- Purchases 6,455 BTC for $150M
- Total Bitcoin holdings: 138,955
In the wake of the recent cryptocurrency market resurgence, MicroStrategy, a leading business intelligence firm and prominent Bitcoin investor, has taken advantage of the opportunity to expand its digital asset portfolio.
Read CRYPTONEWSLAND on
google news
On March 27, MicroStrategy’s co-founder and past CEO, Michael Saylor, revealed via Twitter that the company had successfully repaid its outstanding $205 million loan to Silvergate. According to Saylor, this loan was settled at a favorable 22% discount, as the US Securities and Exchange Commission noted in its form 8-K.
But MicroStrategy’s financial maneuvering did not end there. As Saylor announced, the firm seized the chance to acquire a substantial cache of Bitcoin, totaling 6,455 BTC. This purchase, valued at $150 million, was made at an average cost of $23,238 per coin as of March 23.
With this strategic investment, MicroStrategy’s Bitcoin holdings have now swelled to an impressive 138,955 BTC. The company’s total investment in the cryptocurrency stands at a staggering $4.1 billion, with an average acquisition cost of $29,817 per coin. As the cryptocurrency market continues its rebound, MicroStrategy’s bold moves signal its unwavering confidence in the future of digital assets.
In other news, the Bank of Communications Co., the Bank of China Ltd., and the Shanghai Pudong Development Bank are now providing services to Hong Kong crypto firms. This is a significant development, as local businesses in the cryptocurrency industry have historically had trouble opening corporate bank accounts.
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
