March 2022 and was collateralized by certain Bitcoin owned by MacroStrategy, MicroStrategy's wholly-owned subsidiary, and a $5 million cash reserve account held at Silvergate. MicroStrategy repaid the loan on March 24, 2023, by prepaying approximately $161 million to Silvergate, effectively terminating the Credit Agreement and releasing Silvergate’s security interest in all of MacroStrategy’s assets, including the Bitcoin that was serving as collateral. According to MicroStrategy CEO Michael Saylor, the loan was repaid at a 22% discount, potentially due to the appreciation of the Bitcoin collateral held by MacroStrategy LLC.
In addition, MicroStrategy and its subsidiaries acquired an additional 6,455 BTC for approximately $150.0 million in cash between February 16, 2023, and March 23, 2023. This brings the company’s total Bitcoin holdings to approximately 138,955 BTC, which were acquired at an aggregate purchase price of approximately $4.14 billion and an average purchase price of approximately $29,817 per Bitcoin.