• Latest
  • Trending
  • All
MicroStrategy Settles $205 Million Debt with Silvergate & Shores Up on Bitcoin 

MicroStrategy Settles $205 Million Debt with Silvergate & Shores Up on Bitcoin 

March 28, 2023
AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

December 1, 2023
Will Shiba Inu or Dogecoin Get There First?

Will Shiba Inu or Dogecoin Get There First?

December 1, 2023
Goerli Long Term Support Update

Goerli Long Term Support Update

December 1, 2023
Analyzing Litecoin, Rebels Satoshi, and Dogecoin – Crypto News BTC

Analyzing Litecoin, Rebels Satoshi, and Dogecoin – Crypto News BTC – Crypto News BTC – Crypto News BTC

December 1, 2023
Market Remains Steady As BTC, Pepe Coin, TIA Rally

Market Remains Steady As BTC, Pepe Coin, TIA Rally

December 1, 2023
Gary Gensler Is Believed to Be Politician Masquerading as Regulator

Gary Gensler Is Believed to Be Politician Masquerading as Regulator

December 1, 2023
Rallying troops against cybercrime with QRadar SIEM

Rallying troops against cybercrime with QRadar SIEM

December 1, 2023
Bitcoin’s thirst for water is just as troubling as its energy appetite • The Register

Bitcoin’s thirst for water is just as troubling as its energy appetite • The Register

November 30, 2023
Jak Dogecoin (DOGE) i Shiba Inu (SHIB) zachowają się w 2024 roku? Czy nowa moneta zostawi je w tyle?

Jak Dogecoin (DOGE) i Shiba Inu (SHIB) zachowają się w 2024 roku? Czy nowa moneta zostawi je w tyle?

November 30, 2023
Forbes to Launch Under 30 List on Ethereum Blockchain to Permanently Record Data

Forbes to Launch Under 30 List on Ethereum Blockchain to Permanently Record Data

November 30, 2023
Analyzing Litecoin, Rebels Satoshi, and Dogecoin – Crypto News BTC

Analyzing Litecoin, Rebels Satoshi, and Dogecoin – Crypto News BTC

November 30, 2023
Propel (PEL) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Thursday: What’s Next?

Propel (PEL) has a Very Bullish Sentiment Score, is Rising, and Outperforming the Crypto Market Thursday: What’s Next?

November 30, 2023
Friday, December 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Bitcoin

MicroStrategy Settles $205 Million Debt with Silvergate & Shores Up on Bitcoin 

by Cuevas Antonio
March 28, 2023
in Bitcoin
0
MicroStrategy Settles $205 Million Debt with Silvergate & Shores Up on Bitcoin 
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


MicroStrategy has bought over 6,000 more Bitcoin after fully satisfying its sizable Silvergate debt obligations.

MicroStrategy Incorporated (NASDAQ: MSTR) recently increased its Bitcoin (BTC) holdings following a recent Silvergate Bank (NYSE: SI) loan repayment. According to reports, the BTC-loving business intelligence firm has bought an additional 6,455 Bitcoin for $150 million. The purchase, which also translates to an average price of $23,238 per token, brings MicroStrategy’s total Bitcoin holdings to 138,955 BTC. The company’s Bitcoin cache has an overall value of $4.1 billion at an average of $29,817 per token.

MicroStrategy’s latest Bitcoin purchase comes amid the ongoing recovery of the digital currency market. The company’s shares were up 0.9% in premarket trading today, March 27th.

CEO Michael Saylor Sheds More Light on Loan Repayment & Bitcoin Development

Today, the mobile software and cloud-based services platform’s co-founder Michael Saylor announced that Microstrategy repaid its $205 million Silvergate loan. According to Saylor, a former MicroStrategy CEO, the company repaid the sizable loan to the failed bank at a 22% discount. By paying off the 2-year loan Silvergate loan, MicroStrategy also freed up 34,619 Bitcoin previously held as collateral. A regulatory filing with the US Securities and Exchange Commission (SEC) read:

“On March 24th, 2023, MacroStrategy and Silvergate entered into a Prepayment, Waiver, and Payoff to Credit and Security Agreement, under which MacroStrategy voluntarily prepaid Silvergate roughly $161.0 million (the “Payoff Amount”), in full repayment, satisfaction, and discharge of the loan and all other obligations under the Credit Agreement.”

The document further stated:

“Upon Silvergate’s receipt of the Payoff Amount, the Credit Agreement was terminated, and Silvergate released its security interest in all of MacroStrategy’s assets collateralizing the Loan, including the Bitcoin that was serving as collateral.”

The Silvergate loan was scheduled to mature in two years and bore interest equaling the SOFR 30-day average plus 3.70%. Three days ago, the floating rate equaled 8.27%.

MicroStrategy also generated more than $300 million amid its loan repayment, from the sale of its shares. According to the company, the sales took place between January 1st and March 24th this year. The MicroStrategy regulatory filing addressed the shares’ development, saying that”MicroStrategy had issued and sold an aggregate of 1,348,855 Shares under the Sales Agreement for aggregate net proceeds to MicroStrategy (fewer sales commissions and expenses) of approximately $339.4 million.”

The Virginia-based business intelligence company revealed that the proceeds from the share sales program fully funded the loan payoff. In addition, MicroStrategy said it offset the loan using $5 million in the MacroStrategy cash reserve account at Silvergate.

MicroStrategy Denies Having Assets Custodied with Silvergate

In early March, MicroStrategy denied having any assets custodied with Silvergate Bank. At the time, the company pointed out that there was no urgency in repaying the loan due to the far-off deadline. Citing the 2025 due date, MicroStrategy emphasized the loan terms would stay the same even in the face of possible insolvency.

Nonetheless, MicroStrategy also admitted at the time that it could attract more regulatory scrutiny due to Silvergate’s then precarious position.

next

Bitcoin News, Cryptocurrency news, Market News, News

Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Thank you!

You have successfully joined our subscriber list.



Source link

Tags: BitcoinDebtMicrostrategyMillionSettlesShoresSilvergate
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

December 1, 2023
Will Shiba Inu or Dogecoin Get There First?

Will Shiba Inu or Dogecoin Get There First?

December 1, 2023
Goerli Long Term Support Update

Goerli Long Term Support Update

December 1, 2023

Recent News

AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

AntPool Commits to $3 Million Bitcoin Transaction Fee Refund

December 1, 2023
Will Shiba Inu or Dogecoin Get There First?

Will Shiba Inu or Dogecoin Get There First?

December 1, 2023
Goerli Long Term Support Update

Goerli Long Term Support Update

December 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Sports
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved