MacroStrategy Attracts $205M from Silvergate Bank to Buy Bitcoin
Main page News, Bitcoin

MacroStrategy, a subsidiary of MicroStrategy, has received a $205 million loan from Silvergate Bank to buy additional bitcoins. The company wrote in a press release that the deal is secured by "certain bitcoin" held in MacroStrategy's collateral account. MicroStrategy CEO Michael Saylor says that with the capital from the loan, the company has turned its bitcoin into "productive collateral."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The latest funding will help MacroStrategy not only to buy bitcoins, but also to pay fees, interest, and expenses related to the loan transaction, or for "MacroStrategy's or MicroStrategy's general corporate purposes."

Michael Saylor: MicroStrategy's Shares Are the Best Alternative to Bitcoin ETFs

In February, MicroStrategy purchased 660 BTC for approximately $25 million in cash, bringing the total amount of bitcoin under custody to 125,051 BTC with an aggregate purchase price of $3.78 billion. The deal came after Phong Le, MicroStrategy CFO, said that the company was planning to continue buying the cryptocurrency despite the total bearish trend in the market.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error