updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131MicroStrategy has bought over 6,000 more Bitcoin after fully satisfying its sizable Silvergate debt obligations.
MicroStrategy Incorporated (NASDAQ: MSTR) recently increased its Bitcoin (BTC) holdings following a recent Silvergate Bank (NYSE: SI) loan repayment. According to reports, the BTC-loving business intelligence firm has bought an additional 6,455 Bitcoin for $150 million. The purchase, which also translates to an average price of $23,238 per token, brings MicroStrategy’s total Bitcoin holdings to 138,955 BTC. The company’s Bitcoin cache has an overall value of $4.1 billion at an average of $29,817 per token.
MicroStrategy’s latest Bitcoin purchase comes amid the ongoing recovery of the digital currency market. The company’s shares were up 0.9% in premarket trading today, March 27th.
Today, the mobile software and cloud-based services platform’s co-founder Michael Saylor announced that Microstrategy repaid its $205 million Silvergate loan. According to Saylor, a former MicroStrategy CEO, the company repaid the sizable loan to the failed bank at a 22% discount. By paying off the 2-year loan Silvergate loan, MicroStrategy also freed up 34,619 Bitcoin previously held as collateral. A regulatory filing with the US Securities and Exchange Commission (SEC) read:
“On March 24th, 2023, MacroStrategy and Silvergate entered into a Prepayment, Waiver, and Payoff to Credit and Security Agreement, under which MacroStrategy voluntarily prepaid Silvergate roughly $161.0 million (the “Payoff Amount”), in full repayment, satisfaction, and discharge of the loan and all other obligations under the Credit Agreement.”
The document further stated:
“Upon Silvergate’s receipt of the Payoff Amount, the Credit Agreement was terminated, and Silvergate released its security interest in all of MacroStrategy’s assets collateralizing the Loan, including the Bitcoin that was serving as collateral.”
The Silvergate loan was scheduled to mature in two years and bore interest equaling the SOFR 30-day average plus 3.70%. Three days ago, the floating rate equaled 8.27%.
MicroStrategy also generated more than $300 million amid its loan repayment, from the sale of its shares. According to the company, the sales took place between January 1st and March 24th this year. The MicroStrategy regulatory filing addressed the shares’ development, saying that”MicroStrategy had issued and sold an aggregate of 1,348,855 Shares under the Sales Agreement for aggregate net proceeds to MicroStrategy (fewer sales commissions and expenses) of approximately $339.4 million.”
The Virginia-based business intelligence company revealed that the proceeds from the share sales program fully funded the loan payoff. In addition, MicroStrategy said it offset the loan using $5 million in the MacroStrategy cash reserve account at Silvergate.
In early March, MicroStrategy denied having any assets custodied with Silvergate Bank. At the time, the company pointed out that there was no urgency in repaying the loan due to the far-off deadline. Citing the 2025 due date, MicroStrategy emphasized the loan terms would stay the same even in the face of possible insolvency.
Nonetheless, MicroStrategy also admitted at the time that it could attract more regulatory scrutiny due to Silvergate’s then precarious position.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
This year, the meme cryptocurrency Shiba Inu (SHIB) attracted a lot of attention. While the crypto-verse has developed into an ecosystem that goes much beyond simple trade. The area of cryptocurrency development and adoption took center stage. The network also increased its utilities, albeit initially, it was due to its increasing prices. The SHIB network decided to create the collectible card game Shiba Eternity in an analogous effort.
This game appears to be generating a lot of interest and is the talk of the cryptocurrency community. A game developer named William Volk revealed information about the title back in August at Gamescom 2022.
The Shiba Inu game had been in development for a while. The fanbase had been anticipating the release of the actual game while it was in Vietnam for testing. Volk responded to the same by saying,
“It will come out probably in September for other regions, and we’ll have a download day where we intend to get the ShibArmy to all download it.”
Volk did emphasise the significance of testing the game before launching it, though. So, he said, the Shiba Inu game will go through exhaustive testing before it was released. Additionally, the game’s ability to handle the volume of players playing simultaneously would need to be assessed by the network.
Volk stated that things were looking excellent after the most recent Vietnam testing.
Today, the well-known cryptocurrency project tweeted about the change, noting that Australian residents who are SHIBArmy members can now download the game.
The game is only now accessible on iOS devices, but there are plans to make it available to Australian Android users as well. Shiba Inu took to Twitter to congratulate Shiba Eternity.
The action is a part of efforts to test the game’s functionality ahead of its global release. Recall that the Shiba Inu project’s team released the game for preliminary testing in Vietnam last month. Over 3,000 people downloaded the game in a matter of weeks thanks to a favourable response. The development team realised that the game’s server capacity needed to be increased by more than 50 times as a result of the large number of downloads. Undoubtedly, more people will download the game once it is completely released.
Efforts are being made to increase user acceptance when the game finally launches. At the time of writing, Shiba Inu (SHIB) was priced at $0.00001173 with no loss or gain, according to Coin Market Cap.