MicroStrategy’s Bitcoin Stack Reaches 140,000 BTC
Important takeaways
- MicroStrategy bought 1,045 BTC in the last week.
- The company now has 140,000 BTC.
- It recently paid off its $205 million loan to Silvergate Bank at a 22% discount.
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MicroStrategy increased its bitcoin stack once again. The company now has 140,000 BTC, worth $3.9 billion at today’s prices.
An additional 1,045 BTC
Michael Saylor continues to increase his Bitcoin stakes.
The MicroStrategy co-founder announced today on Twitter that the company had purchased an additional 1,045 BTC for approximately $29 million at an average price of $28,016 per coin. MicroStrategy now has 140,000 BTC, a sum worth $3.9 billion at the time of writing. Saylor indicated in his tweet that MicroStrategy’s average acquisition price was $29,803 per bitcoin.
MicroStrategy announced last week that it had paid off its $205 million loan to Silvergate Bank following the bank’s sudden demise. The loan was secured by 34,619 of the company’s bitcoin holdings, as well as a $5 million cash reserve held at Silvergate. Because the loan had a scheduled maturity date of March 2025, MicroStrategy was able to strike a deal with Silvergate to pay the dues early for just $161 million, a 22% discount.
On the same day, MicroStrategy announced that it had acquired an additional 6,455 BTC for approximately $150 million, at an average price of approximately $23,238 per coin.
Saylor Resigned from his position as CEO of MicroStrategy in August 2022. He is now the company’s executive chairman, with a single-minded focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” MicroStrategy President Phong Le replaced Saylor as CEO and took over management of the company’s day-to-day operations.
So was Saylor accused of tax fraud by Washington DC Attorney General Karl Racine in August 2022. The District of Columbia alleges that Saylor never paid income taxes despite living in the District for over 10 years. MicroStrategy was also sued for “conspiring to aid [Saylor] evading taxes he legally owes on the hundreds of millions of dollars he has earned while living in DC.” Saylor lost a bid to reject the claims in March 2023.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH and several other crypto assets.
