Immediately after reports of the collapse of Silvergate, MicroStrategy stated that they only have one loan from Silvergate to be repaid by early 2025, but this will not lead to bankruptcy of the company. MicroStrategy has assured that it has no Bitcoin collateral held by Silvergate, nor any other financial relationship with the bank.
According to documents dated March 27, MicroStrategy paid off the remainder of the principal on its $205 million loan. The company also said it had purchased an additional 6,455 bitcoins for about $150 million over the past five weeks. This increased the company’s assets by another 138,955 BTC. Thus, the company owns bitcoins in the amount of $3.88 billion.
MicroStrategy co-founder Michael Saylor criticized the US Department of Justice’s approach to investigating possible Silvergate fraud related to the processing of transactions on the accounts of firms that are part of the FTX Global empire. US government officials have repeatedly criticized Silvergate, calling the bank’s role in managing FTX-related funds “a dubious practice and a blatant failure.”
However, MicroStrategy is not the largest holder of bitcoins. The US federal government holds 205,515 BTC worth $5.66 billion, according to 21Shares.
Source: Bits
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