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 onOn 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.
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