MicroStrategy buys $200 million worth of Bitcoin

Average acquisition price of $23,238

US business intelligence firm MicroStrategy announced on the 27th that it had purchased $150 million worth of cryptocurrency Bitcoin (BTC).

MicroStrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, $MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per #bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin. https://t.co/ALp9VLkTpt

— Michael Saylor (@saylor) March 27, 2023

The company bought 6,455 BTC in this operation. Additional purchases were completed at an average acquisition price of $23,238. This increased the company’s bitcoin holdings to 138,955 BTC, pushing down the overall average acquisition cost to $29,817.

The last time the buyback was announced was in December of last year, when the company sold 704 BTC for the first time for tax purposes (carried back) and then bought back 2,395 BTC.

It also reported that it paid off a $205 million Bitcoin-backed loan at Silvergate Bank at a 22% discount of $160 million this time. The loan was originally due to mature in 2025.

connection: US Micro Strategy, 25 billion yen impairment loss for bitcoin holdings

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