The central theses
- MicroStrategy has acquired 1,045 BTC in the past week.
- The company now holds 140,000 BTC.
- The company recently repaid its $205 million loan to Silvergate Bank at a discount of 22%.
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MicroStrategy has once again expanded its Bitcoin stack. The company now holds 140,000 BTC worth $3.9 billion at today’s prices.
Additional 1,045 BTC
Michael Saylor keeps increasing his Bitcoin bet.
The MicroStrategy co-founder announced tweeted today that the company bought another 1,045 BTC for around $29 million at an average price of $28,016 per coin. MicroStrategy now holds 140,000 BTC, worth $3.9 billion at the time of writing. Saylor stated in his tweet that MicroStrategy’s average purchase price was $29,803 per bitcoin.
MicroStrategy said last week that it had repaid its $205 million loan to Silvergate Bank following the bank’s sudden demise. The loan was secured with 34,619 of the company’s bitcoin holdings and a $5 million cash reserve on Silvergate. Because the loan had a scheduled maturity date of March 2025, MicroStrategy was able to secure an agreement with Silvergate to prepay its fees for just $161 million, a 22% discount.
On the same day, MicroStrategy announced that it had acquired an additional 6,455 BTC for approximately $150 million at an average price of approximately $23,238 per coin.
Saylor ceded from his position as CEO of MicroStrategy in August 2022. He is now the company’s Executive Chairman with a single-minded focus on “Bitcoin acquisition strategy and related initiatives to support Bitcoin.” Phong Le, President of MicroStrategy, succeeded Saylor as CEO and assumed responsibility for day-to-day operations of the company.
So was Saylor accused of tax fraud by Washington DC Attorney General Karl Racine in August 2022. The District of Columbia alleges that Saylor has never paid income taxes despite having lived in the district for over 10 years. MicroStrategy was also sued for “conspiracy to aid”. [Saylor] Evade taxes he legally owes for hundreds of millions of dollars made while living in DC.” Saylor lost a bid to dismiss the lawsuits in March 2023.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH and several other crypto assets.
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