MicroStrategy, a business intelligence firm and major Bitcoin investor, has increased its total Bitcoin holdings to 138,955 BTC. The company purchased 6,455 BTC for $150 million, at an average price of $23,238 per coin as of March 23, according to MicroStrategy co-founder and former CEO Michael Saylor. The purchase comes as the cryptocurrency market is experiencing a recovery. MicroStrategy repaid its $205 million loan to Silvergate and acquired the latest batch of Bitcoin between Feb. 16, 2023 and March 23, 2023. The company now holds $4.1 billion worth of Bitcoin, bought at an average of $29,817 per coin.
The loan from Silvergate Bank, which MicroStrategy’s subsidiary MacroStrategy received in March 2022, was collateralized by certain Bitcoin owned by MacroStrategy and had a scheduled maturity date of March 23, 2025. MacroStrategy voluntarily pre-paid Silvergate about $161 million in full repayment, allowing Silvergate to release its security interest in all of MacroStrategy’s assets collateralizing the loan, including the Bitcoin that was serving as collateral. In the filing, MicroStrategy mentioned an agreement with two companies – Cowen and Company and BTIG – to sell its aggregated class A common stock worth $500 million. MicroStrategy did not immediately respond to comment requests.