MicroStrategy Has Completely Paid Off Its Silvergate Loan And has bought Even More Bitcoin

Silvergate Bank provided the corporation with a loan of $205 million in March of 2022.

According to a filing with the U.S. SEC on Friday, MicroStrategy (MSTR), a software firm that crypto supporter Michael Saylor co-founded and that owns a significant amount of bitcoin (BTC), paid back the balance of the principal on its $205 million loan from defunct, crypto-focused Silvergate Bank.

During the previous five weeks, MicroStrategy also announced the acquisition of 6,455 bitcoins to supply a total cost of around $150 million (or about $23,238 per coin).

The debt repayment was completed on Friday, and the entire amount was 161 million dollars. The debt was repaid, and MicroStrategy returned the 34,619 bitcoins pledged as security in March last year.

At the time of writing, one bitcoin is valued at around $27,900, making MicroStrategy’s total assets 138,955 bitcoins, acquired at an average price of $29,817 per, worth almost $3.88 billion.

MicroStrategy also said that it sold its shares this year and made $339.4 million, which it used to pay back the debt from Silvergate.

Also Read: Minecraft and GTA may alter their stance on blockchain technology