MicroStrategy's Bitcoin Stack Reaches 140,000 BTC

Key Takeaways

MicroStrategy acquired 1,045 BTC over the past week.
The company now holds 140,000 BTC.
It recently paid off its $205 million loan to Silvergate Bank at a 22% discount.

MicroStrategy grew its bitcoin stack yet again. The company now holds 140,000 BTC, worth $3.9 billion at today’s prices.

An Extra 1,045 BTC

Michael Saylor keeps adding to his Bitcoin bet.

The MicroStrategy co-founder announced today on Twitter that the company had purchased an additional 1,045 BTC for roughly $29 million at an average price of $28,016 per coin. MicroStrategy now holds 140,000 BTC, a sum worth $3.9 billion at the time of writing. Saylor indicated in his tweet that MicroStrategy’s average price of acquisition was $29,803 per bitcoin.

MicroStrategy declared last week that it had paid off its $205 million loan to Silvergate Bank following the bank’s sudden demise. The loan was collateralized with 34,619 of the company’s bitcoin holdings, as well as a $5 million cash reserve held at Silvergate. Because the loan had a scheduled maturity date of March 2025, MicroStrategy managed to enter an agreement with Silvergate to pay its dues early for only $161 million, a 22% discount.

The same day, MicroStrategy announced that it had acquired an additional 6,455 BTC for approximately $150 million, for an average price of approximately $23,238 per coin.

Saylor stepped down 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 Bitcoin advocacy initiatives.” MicroStrategy president Phong Le replaced Saylor as CEO and took over the management of the company’s day-to-day operations.

Saylor was also accused of tax fraud by Washington D.C. Attorney General Karl Racine in August 2022. The District of Columbia is alleging that Saylor never paid income taxes despite living in the district for over 10 years. MicroStrategy was sued as well for “conspiring to help [Saylor] evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC.” Saylor lost a bid to dismiss the claims in March 2023.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

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