.MicroStrategy has put up $820 million in bitcoin as collateral for a $205 million term loan from silvergatebank, which can be used to purchase bitcoin or for general corporate purposes. BrnadyBetz reports.
from crypto payments provider Silvergate Bank .
The loan was given through the Silvergate Exchange Network Leverage program, which issues U.S. dollar loans using bitcoin as collateral. The loan was collateralized with approximately $820 million worth of bitcoin, according to aBusiness intelligence software company MicroStrategy has become known more for its embrace of bitcoin.
MacroStrategy can use the loan to purchase bitcoins, pay interest and fees related to the loan or for MacroStrategy’s or MicroStrategy’s general corporate needs. Launched in 2020, Silvergate’s SEN Leverage program had $570.5 million in commitments at the end of last year, according to the press release.
“The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in bitcoin,” said MicroStrategy CEO Michael Saylor in the press release. “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.
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