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MicroStrategy’s Bitcoin Stack Reaches 140,000 BTC

MicroStrategy has acquired an additional 1,045 BTC for roughly $29mn, bringing its total holdings to 140,000 BTC, worth $3.9bn at current prices. The company acquired the bitcoin for an average price of $28,016 per coin. Last week, MicroStrategy announced it had paid off its $205mn loan to Silvergate Bank, which was collateralised with 34,619 of the company’s bitcoin holdings, as well as a $5mn cash reserve held at Silvergate. As the loan had a scheduled maturity date of March 2025, MicroStrategy struck a deal with Silvergate to pay its dues early, receiving a 22% discount in the process. On the same day, MicroStrategy also announced that it had acquired an additional 6,455 BTC for approximately $150mn. Michael Saylor, MicroStrategy’s co-founder, stepped down from his position as CEO in August 2022, and is now the company’s executive chairman with a focus on “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” Saylor was accused of tax fraud by the Washington DC Attorney General Karl Racine in August 2022, an allegation that MicroStrategy was also sued over. Saylor lost a bid to dismiss the claims in March 2023. At the time of writing, the author of this piece owned BTC, ETH and other crypto assets.

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