MicroStrategy (NASDAQ: MSTR) has settled an outstanding loan that it had in place with Silvergate Capital (NYSE: SI), while at the same time spending further funds on the acquisition of bitcoin.

The loan in question was issued in March 2022, with the firms MacroStrategy LLC subsidiary borrowing $205.0 million from the bank for what was originally to be a period of three years at a floating rate equal to the SOFR 30 day average plus 3.70%. With the shuttering of Silvergate however, the firm has reached a settlement on the debt to remove it from its books, while securing a deal on the settlement at the same time.

Silvergate has agreed to settle the debt for a figure of $161.0 million, which will see the debt cancelled and the 34,619 bitcoin previously held in a collateral account released from security.

READ: Silvergate Capital Shuts Down Silvergate Bank, Shares Crash Nearly 50%

At the same time, the firm this morning revealed it has acquired a further 6,455 bitcoin, bringing its total holdings to 138,955 bitcoin. The additional BTC was acquired between February 16 and March 23, at an average price of $23,238 per each, for total consideration of roughly $150.0 million.

The settlement as well as the recent purchases of bitcoin were funded via the firms at-the-market financing program, which has sold a total of 1.3 million shares since the start of the year, generating net proceeds of $339.4 million.

MicroStrategy last traded at $256.67 on the Nasdaq.

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