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MicroStrategy Pays Off Silvergate Loan, Buys More Bitcoin

Stephen Alpher
Updated ·1-min read

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MicroStrategy (MSTR), a software company that was co-founded by crypto advocate Michael Saylor and that holds a large amount of bitcoin (BTC), prepaid the remaining principal on its $205 million loan from failed, crypto-focused Silvergate Bank, according to a filing with the U.S. Securities and Exchange Commission on Friday.

In addition, MicroStrategy said it purchased another 6,455 bitcoins for roughly $150 million (about $23,238 per coin) over the past five weeks.

The loan payoff was made last Friday and totaled $161 million. As part of the satisfaction of the loan, 34,619 bitcoins held as collateral were returned to MicroStrategy's custody. The company took out the loan last March.

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The acquisition of another 6,455 bitcoins brings MicroStrategy's holdings up to 138,955 bitcoins purchased at an average price of $29,817 each and worth roughly $3.88 billion at the current bitcoin price of $27,900.

MicroStrategy also disclosed that it has raised $339.4 million this year through the sale of its shares and used the proceeds to pay back the loan from Silvergate.

Shares of MicroStrategy were up 0.9% premarket.