MicroStrategy Acquires Extra 4,167 Bitcoins for Approximately $190.5m
MicroStrategy, the Nasdaq-Listed business intelligence and software firm has made another purchase of 4,167 Bitcoin as it continues on its sporadic BTC accumulation campaign.
As detailed by Michael Saylor, the company’s Chief Executive Officer, as much as $190.5 million was invested in acquiring the last units of BTC.
The new addition was acquired at an average price of $45,714 and the company’s total Bitcoin holdings now come at approximately 129,218 units acquired for approximately $3.97 billion at an average price of $30,700 per bitcoin.
MicroStrategy's aggressive in its buy-up of BTC is at best an understatement as many critics have even likened the company to be shifting focus away from its core product offering in the embrace of Bitcoin. However, Saylor has channelled the company’s affairs irrespective of the criticisms and has notably maintained the stance that the accumulation of Bitcoin as its Treasury Reserve Asset is not going to stop anytime soon, if ever.
The latest accumulation comes on the back of the $205 million BTC-collateralized loans the company secured from Silvergate Bank last week. The loan was issued to MacroStrategy, a subsidiary of the publicly-traded company. The loan was invested in the purchase of new BTC units.
Michael Saylor, Chairman, and CEO of MicroStrategy commented on the secured funding noting that;
“The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in Bitcoin. Using the capital from the loan, we’ve effectively turned our bitcoin into productive collateral, which allows us to further execute against our business strategy.”
MicroStrategy has taken a lot of drastic steps to ascertain its position as a major force backing the mainstream adoption of Bitcoin and cryptocurrencies amongst corporate investors. As an example of its convinced nature on the future of BTC, the company has in the past issued a convertible senior note worth $1.05 billion which it used to acquire the digital currency.
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MacroStrategy Secures Collateral Loan, Worth $205m from Silvergate Bank for Purchasing Bitcoin