MicroStrategy’s arm MacroStrategy has received a $205 million loan from Silvergate Bank to buy more Bitcoin (BTC). The business intelligence firm provided a portion of its Bitcoin reserves as collateral to secure the loan. Borrowing Against Bitcoin Holdings to Buy More BTC A subsidiary of Microstrategy, MacroStrategy has just secured a $205 million cash loan using its current Bitcoin holdings as collateral. The $205 million loan would be used to acquire Bitcoin (BTC) and cover fees, corporate purposes, and other expenses. Silvergate Bank, a San Diego-based crypto-focused bank serviced the loan through the Silvergate Exchange Network (SEN), which provides loans collateralized by Bitcoin. “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,” said MicroStrategy CEO Michael Saylor in the announcement release. MacroStrategy, a subsidiary of @MicroStrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase #bitcoin. $MSTR $SIhttps://t.co/QYw2ZgeE3U — Michael Saylor⚡️ (@saylor) March 29, 2022 World’s Largest Corporate Bitcoin Holder In June 2021. MicroStrategy announced that its existing 92,079 BTC would be held by the newly formed MacroStrategy LLC subsidiary which ap...
