MicroStrategy scooped up about $150 million of bitcoin over the last month, bringing its total hoard of the cryptocurrency to a little more than $4 billion. The company also said it paid off a loan from Silvergate Bank.
Michael Saylor's company said it acquired 6,455 bitcoin between Feb. 16 and March 23 at an average price of $23,238 per bitcoin. The news was included in a regulatory filing. The $4.14 billion of bitcoin it now holds is at an average price of $29,817.
The loan prepayment with Silvergate comes following the crypto-friendly bank's decision to wind down and liquidate. MicroStrategy had taken out the $205 million term loan, which was set to mature in 2025, last year. It paid $161 million to repay the loan in full.
MicroStrategy last month reported a net loss of $249.7 million for the fourth quarter of 2022 compared to a loss of $90 million in the same period of the prior year. The software firm has become better known in recent years for its bet on bitcoin.
In another bit of corporate housekeeping news, MicroStrategy said it sold about $340 million shares as party of a previously announced share-sale agreement. The proceeds, along with some cash reserves, were used to pay off the Silvergate loan.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.