MicroStrategy buys $150 million of bitcoin, prepays Silvergate loan

Quick Take

  • MicroStrategy now has a little more than $4 billion worth of bitcoin in its corporate coffers.

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. 

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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. 


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