MicroStrategy Pays Off Bitcoin-Backed Loan From Silvergate (1)

MicroStrategy Inc., the biggest corporate owner of Bitcoin, paid off the remainder of its $205 million Bitcoin-backed loan from Silvergate Bank with proceeds from the sale of shares and purchased about $150 million more of the cryptocurrency.

The loan from the failed crypto-friendly bank was retired about two years early, releasing about 34,619 coins that were held as collateral, the enterprise-software maker said in a US Securities and Exchange Commission filing on Monday. MicroStategy disclosed that it raised $339.4 million this year through the sale of shares.

Michael Saylor, the co-founder and executive chairman of MicroStrategy, began investing in ...