Bitcoin just got a big, fat vote of confidence from MicroStrategy, and the cryptocurrency market is buzzing with excitement. MicroStrategy, the software company co-founded by Michael Saylor, a crypto evangelist, has prepaid its $205 million loan from Silvergate Bank and increased its Bitcoin holdings to a whopping 138,955 BTC.
MicroStrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, $MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per #bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin. https://t.co/ALp9VLkTpt
— Michael Saylor⚡️ (@saylor) March 27, 2023
In March 2020, MicroStrategy took out the loan and used it to buy Bitcoin as a hedge against inflation. Fast-forward to today and the company has repaid the loan’s remaining principal of $161 million and purchased another 6,455 Bitcoins for roughly $150 million over the past five weeks.
MicroStrategy Is “All In” on Bitcoin
This move wasn’t just a random gamble. Experts in the cryptocurrency industry are applauding MicroStrategy’s decision to pay off the loan and acquire more Bitcoin. Eric Turner, Vice President of Market Intelligence at cryptocurrency research firm Messari, said, “This is a smart move by MicroStrategy. By paying off the loan, they reduce their debt and improve their balance sheet, while the additional Bitcoin purchases increase their exposure to the asset and further cement their position as a Bitcoin holder.”
As the value of Bitcoin continues to rise, MicroStrategy stands to gain significant profits from its holdings. And with the company’s recent actions, it’s clear that MicroStrategy isn’t just betting on Bitcoin as a fad. They’re all in, and they believe that Bitcoin is here to stay.
In conclusion, MicroStrategy has proven that sometimes the boldest moves are the wisest. They’ve repaid their loan, increased their Bitcoin holdings, and solidified their position as a major player in the cryptocurrency market. Who knows what they’ll do next, but one thing is for sure: they’re definitely not afraid to take risks.
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