The CEO of business analytics software firm MicroStrategy took to Twitter to reassure investors as an outsized bet on Bitcoin faltered.
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- If the price of Bitcoin falls below US$3,562, the company could post some other collateral, Saylor claimed.
- MicroStrategy has a US$205 million term loan and needs to maintain US$410 million as collateral, he added.
- The firm can pledge 115,109 Bitcoin, Saylor said.
- MicroStrategy reported a 3% drop in first-quarter revenue, or almost flat on a constant currency basis, as it expensed US$170.1 million in Bitcoin-related impairment expenses.
- The company held 129,218 Bitcoins at the end of the first quarter.
- MicroStrategy’s Bitcoin purchases are still in the money. The firm’s Bitcoins are worth about US$4.10 billion, according to Bitcoin Treasuries. It had spent a little over US$3.97 billion buying them.
See related article: Bitcoin, crypto market dive to lowest mark since February