MicroStrategy subsidiary borrowed $205 million to buy bitcoins
The funds on the security of the company’s cryptocurrency were provided by Silvergate Bank
![MicroStrategy subsidiary borrowed $205 million to buy bitcoins](https://storage.getblock.net/source/1/jzrD5fse7D-GZW2rBWjJsuZ0thjTncq0.webp)
30.03.2022 - 08:45
301
1 min
0
What’s new? MacroStrategy, a subsidiary of MicroStrategy, has entered into an agreement with Silvergate Bank for a $205 million loan. All of the funds will go towards the purchase of bitcoins. MicroStrategy announced this in a press release published on the website.
The full version of the press release
What else is known about the deal? The funding is secured by bitcoins held on MacroStrategy’s balance sheet. The loans of this type are part of Silvergate Bank’s special program called SEN Leverage. Under the program, loans of $570,5 million had been issued by March 2022.
Silvergate Capital Corporation is a leading provider of innovative solutions and digital financial services for cryptocurrency companies. Microstrategy is a software developer and the largest bitcoin holder among public companies. As of March 30, 2022, MicroStrategy has 125 051 BTC worth $5,94 billion on its balance sheet.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024