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Bitcoin News: MacroStrategy LLC in its latest U.S. Securities and Exchange Commission (SEC) filings declared that it has made an addition to its Bitcoin holding. However, this accumulation came in when three U.S. based crypto friendly banks collapsed within a week.
MicroStrategy Raises Bet On Bitcoin
As per the filings, MicroStrategy during the period between February 16, 2023 and March 23, 2023 bought 6,455 Bitcoins. This accumulation came in for approx $150 million in cash. The purchase was made at an average price of $23,238 per Bitcoin.
It added that as of March 23, 2023 MicroStrategy is holding approx 138,955 Bitcoin (worth $4.14 billion). However, the average purchase price of BTC acquired by the firm comes down to $29,817 per Bitcoin. Read More Bitcoin News Here…
Changpeng Zhao (CZ), Binance CEO reacting to MicroStrategy Bitcoin acquisition in a Tweet stated that when some people were panic selling, there is always a buyer on the other side.
Also Read: Bitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC?
Court filing mentioned that MicroStrategty went into a credit and Security Agreement with Silvergate bank on March 23, 2022. As per the agreement, the now collapsed Silvergate bank issued a $205 million term loan. As of March 24, 2023 around 34,619 Bitcoins were kept in a collateral account under the loan.
However, MicroStrategy and Silvergate entered into a Prepayment agreement for which the firm paid around $161 million in full repayment of the loan.
BTC Up By 20%
According to the data, On February 16 BTC was trading at around $24,945. BTC price went on to witness a drop to trade around the $19K price level. However, It was March 10, 2023, when Bitcoin price took off. On March 23, 2023, BTC went on to trade for around $28,631.
Bitcoin price is up by more than 20% over the past 30 days. It is trading at an average price of $27,780, at the press time. However, its 24 hour trading volume is up by 3% to stand at $14.24 billion.
Also Read: Credit Suisse Largest Shareholder Chief Calls Quit After Sparking A Debacle
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