Microstrategy Buys 6,455 Bitcoins Again, Total Has 138,955 BTC

Microstrategy buys thousands of Bitcoins. (Photo; Doc. Cryptoast)

JAKARTA - Microstrategy Inc. technology company registered with Nasdaq announced on Monday, March 28, that it had purchased an additional 6,455 Bitcoins with a total value of around 150 million US dollars (equivalent to Rp2.2 trillion).

CEO Michael Saylor said that the Bitcoin was purchased from February 16 to March 23 at an average price of around US$23,238 (around Rp350 million) per Bitcoin. In the document submitted to the Securities and Exchange Commission (SEC), Microstrategy also revealed that they voluntarily paid off loans worth US$205 million (equivalent to Rp3 trillion) from the Silvergate Bank.

The loan was repaid at a 22 percent discount and made the previous day. Silvergate Bank is one of the banks experiencing difficulties this March and finally announced voluntary liquidation on March 8. Previously, the bank had stopped its cryptocurrency payment network, namely the Silvergate Exchange Network (SEN).

Microstrategy's subsidiary Macrostrategy signed a credit agreement with Silvergate in March last year to borrow USD 205 million. The loan is guaranteed by a number of Bitcoins and cash reserves accounts worth USD 5 million (IDR 75 billion) held by Macrostrategy at Silvergate.

After repayment, Silvergate released its collateral interests on all assets of Macrostrategy that were used as loan collateral, including Bitcoin. Microstrategy itself now owns around 138,955 Bitcoins worth about US$4.14 billion (Rp62.5 trillion). The company has become one of the big companies investing heavily in Bitcoin in recent times.

Although the price of Bitcoin had fallen some time ago, Microstrategy still believes in Bitcoin's potential as a profitable investment asset in the future.