Home Business Michael Saylor buys another $150 million worth of bitcoin

Michael Saylor buys another $150 million worth of bitcoin

Michael Saylor buys another $150 million worth of bitcoin

Former MicroStrategy CEO Michael Saylor makes through Twitter announced that the company has purchased 6,500 bitcoin (BTC) for an average price of $23,238 per coin. The company now owns 138,955 BTC with a total value of over $3.7 billion.

Financial windfall

In the same tweet, Saylor says that MicroStrategy has repaid a $205 million loan to Silvergate bank. The bank was the first ‘crypto bank’ to close its doors a few years ago after severe liquidity problems. The loan was accepted by Microstrategy in March last year.

“Upon receipt by Silvergate of the disbursement amount, the credit agreement is terminated, and Silvergate relinquishes all interest in MicroStategy’s collateral assets, including the bitcoin used as collateral.”

Thus the statement on the company’s website. The loan would actually expire in 2025. In agreement with Silvergate, it has been decided to repay the loan now with a discount of 22 percent. In total, MicroStrategy therefore repays $ 161 million to the bank. Since Microstategy gets a discount on the refund, the 6,500 bitcoin is effectively discounted by 22 percent.

MicroStategy continues to buy bitcoin

The discount is a nice bonus for Microstrategy, and the company seems to be taking advantage of this by immediately replenishing its bitcoin stock. It is also the company’s first bitcoin purchase this year. The last purchase was made by the company in November and December. At that time, 2,395 bitcoins were purchased for an average price of $17,181.

Michael Saylor has been praised for his unparalleled belief in bitcoin. However, people also seem to be concerned about the large amount of bitcoin that MicroStrategy now owns.

“The whole concept of freedom/decentralization/Bitcoin seems useless when one entity owns a large portion (of bitcoin). What is the end goal Michael? Own everything?”

According to one Twitter user. Earlier this month, Saylor was charged with $25 million in tax evasion. He may face a $100 million fine.

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