Michael Saylor’s MicroStrategy Acquires 4,167 BTC worth $190 Million after Obtaining $205 Million Loan

MicroStrategy, the largest independent publicly-traded business intelligence company led by Michael Saylor, has via its subsidiary MacroStrategy, announced the new acquisition of 4,167 BTC worth around $190.5 million at the time of purchase, as the firm remains steadfast in its Bitcoin accumulation strategy. This played out a few days after the company announced that it was obtaining a bitcoin-collateralized loan to purchase more Bitcoin (BTC).

The new development was announced on 5th April 2022 via Saylor’s official Twitter handle. According to the update, the purchase was initiated at an average price of $45,714 per BTC.

The report disclosed that MicroStrategy now holds a total of 129,218 BTC acquired at an average price of $30,700 per Bitcoin.

Michael Saylor tweeted, “MacroStrategy has purchased an additional 4,167 bitcoins for ~$190.5 million at an average price of ~$45,714 per #bitcoin. As of 4/4/22 MicroStrategy #hodls ~129,218 bitcoins acquired for ~$3.97 billion at an average price of ~$30,700 per bitcoin.”

It should be noted that the whopping amount of BTC doesn’t belong to Michael Saylor. It’s owned by MicroStrategy, a public company owned by lots of investors.

Currently, MicroStrategy’s Bitcoin holdings almost triple that of Tesla, the electric car manufacturing company led by Elon Musk. And the company has shown no sign of slowing down its Bitcoin accumulation spree.

It can be recalled that the company, through the Silvergate Exchange Network (SEN), obtained a $205 million Bitcoin-collateralized loan a week ago. So, people believe that the whopping loan has just served its designated purpose.

Regarding the loan, Michael Saylor, Chairman and CEO at MicroStrategy said in a statement:

“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.”

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.