A subsidiary of Michael Saylor’s company has taken a Bitcoin-collaterized loan to stock up on BTC
MicroStrategy CEO and Bitcoin Evangelist Michael Saylor just tweeted that the company’s subsidiary, MacroStrategy, took out a $205 million loan to acquire Bitcoin.
The loan is collateralized in BTC as well, according to the tweet.
Silvergate Bank lends to MacroStrategy
The article published by MicroStrategy indicates that the loan was taken from Silvergate Bank, a subsidiary of Silvergate Capital Corporation, which is a leader in providing innovative financial infrastructure solutions in the field of cryptocurrency.
The bank has issued a $205 million loan to MacroStrategy as part of the Silvergate Exchange Network (SEN) Leverage program.
The loan was secured by Bitcoin held in MacroStrategy’s collateral account. The custodian holding it is authorized by this company and Silvergate together.
The company will use the $205 million to acquire Bitcoin, as well as to pay fees, interest and all expenditures related to this purchase.
MicroStrategy now holds $4.8 billion in Bitcoin
As reported by U.Today, on February 1, Michael Saylor’s economic intelligence giant MicroStrategy bought another block of Bitcoin worth $25 million, or 660 Bitcoin.
The company now holds a total of $4.8 billion worth of the leading digital currency.
