Business intelligence firm MicroStrategy and stablecoin issuer Tether have become the latest two firms to publicly deny any meaningful exposure to Silvergate Bank. The news comes as Silvergate announced on Mar. 1 that it would postpone the filing of its annual 10-K financial report, which has many fearing the cryptocurrency bank may be on the brink of a bankruptcy filing. This led MicroStrategy — which holds over 130,000 Bitcoin (BTC) — to confirm that its BTC collateral is not custodied with Silvergate. The Michael Saylor-founded firm added that it will not need to pay back a loan from Silvergate until …

The Office of the Attorney General for the District of Columbia in the United States is moving forward on a lawsuit against business intelligence firm MicroStrategy executive chair Michael Saylor related to tax evasion. According to a Feb. 28 filing with the U.S. Securities and Exchange Commission, MicroStrategy said the court had not dismissed a claim against Saylor for failing “to pay personal income taxes, interest and penalties due” following an October 2022 motion from the firm. However, the court granted a motion dismissing allegations that Saylor — on his own and acting in concert with MicroStrategy — violated the …

High-profile crypto bankruptcies and a hearty price crash are necessary evils to help the industry grow, while greater regulation is a must, according to Microstrategy co-founder Michael Saylor. In a Feb. 3 interview on CNBC’s Squawk on the Street, Saylor opined on potentia incoming United States crypto regulation after the bankruptcy of FTX, saying: “The crypto meltdown was painful in the short term, but it's necessary over the long term for the industry to grow up.” He added the industry “has some good ideas” — implying the Bitcoin (BTC) Lightning network — but added some in the space “implemented those …

The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress. As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3 million at current prices, during the month. While some crypto miners have been forced to sell Bitcoin due to distress, Marathon’s VP of corporate communications Charlie Schumacher explained this was not the case for Marathon. Schumacher said Marathon has been diamond-handing its Bitcoin until …

Software analytics company MicroStrategy recorded a paper loss of over a billion dollars on its Bitcoin (BTC) holdings in 2022 but says it has no plans to stop trading the digital asset. MicroStrategy released its 2022 Q4 and year-end earnings on Feb. 2 showing the recorded impairment charges on its BTC holdings, net of gains on sale, was nearly $1.3 billion over the full year 2022. Despite the paper losses, on a Feb. 2 earnings call MicroStrategy’s chief financial officer, Andrew Kang, said: “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or …

The share price of cryptocurrency exchange Coinbase has surged by 69% since its all time lows and other crypto-related stocks including business intelligence firm MicroStrategy have recorded similar jumps with green candles all around since the start of 2023. The share price of Coinbase fell as low as $31.95 on Jan. 6, before shooting up to $54.14 by the close of trading on Jan. 17. The rising share price will likely be accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022 saw it cut 20% of its workforce and decide to wind down its Japanese …

Business intelligence firm MicroStrategy made headlines ahead of New Year's Eve as the sale of a portion of its Bitcoin (BTC) holdings drew the attention of industry experts and critics. A regulatory filing with the United States Securities and Exchange Commission (SEC) on Dec. 28 detailed the first time the firm sold some of its BTC since its high-profile adoption of the preeminent cryptocurrency as its primary treasury asset. MicroStrategy made waves in the industry in 2021 as it began amassing significant holdings of BTC, with founder Michael Saylor touting the asset as a superior store of value to fiat …

Business intelligence firm MicroStrategy is showing no signs of backing down on its Bitcoin gambit. Right around the time that Sam Bankman-Fried was being exposed as a fraud, MicroStrategy was scooping up more Bitcoin (BTC) — this time, the firm bought as close to the bottom as it’s ever gotten. While Bitcoin can always go lower, seeing a MicroStrategy buy around $17K is refreshing. Interestingly, MicroStrategy also sold some BTC earlier this month — but not for the reason you think (more on that below.) The final Crypto Biz newsletter of 2022 discusses MicroStrategy’s Bitcoin buy, Fidelity Investments’ foray into …

Software analytics company MicroStrategy recently added more Bitcoin (BTC) to the firm’s holdings. Members of the crypto community had mixed reactions to the move. In a recent tweet, MicroStrategy’s executive chairman Michael Saylor announced that the firm had made another Bitcoin purchase. The move puts the firm’s total BTC holdings at 132,500 BTC, purchased for a total of $4.03 billion but worth only around $2.1 billion at the time of writing. Many commended the move, while some brought up some potential negative effects. Michael Saylor, you are a rock star. Your mission Jim aka Michael Saylor, if you choose to …

MicroStrategy executive chairman Michael Saylor has shared his firm’s plans to release Bitcoin Lightning Network-powered software and solutions in 2023. In a recent Twitter Spaces on Dec. 28, Saylor shared that the company is exploring software and solutions that utilize the Lightning Network, such as solutions that “support” enterprise marketing as well as a cybersecurity solution aimed at corporate websites. The Lightning Network is a layer-2 payment protocol layered on top of Bitcoin’s blockchain that allows for off-chain transactions, raising payment throughput and lowering transaction fees. The business intelligence and tech company, known for its massive Bitcoin holdings, has been …

According to a new filing with the U.S. Securities and Exchange Commission, software analytics firm MicroStrategy said that it acquired 2,395 Bitcoins (BTC) at an average price of $17,181 for a total of $42.8 million during the period Nov. 1 and Dec. 21. Subsequent to the development, the company sold 704 BTC at $16,776 per coin for a total of $11.8 million on Dec. 22. On Dec. 24, MicroStrategy acquired approximately 810 BTC for $13.6 million in cash, at an average price of $16,845 per coin. In a Bloomberg interview published earlier this year, CEO and blockchain personality Michael Saylor …

First-time bear market? It’s also the first Bitcoin (BTC) bear market for Michael Saylor, one of the world’s biggest Bitcoin bulls. Executive chairman of one of the world’s largest pro-Bitcoin companies, Saylor took a moment out of his busy schedule at the Los Angeles Pacific Bitcoin conference to speak with Cointelegraph. Crucially, Saylor told Cointelegraph that when it comes to Bitcoin, “You have to take a long frame time perspective.” “If you’re buying [Bitcoin] and you’ve got less than a four-year time horizon, you’re just speculating in it. And once you’ve got more than a four-year time horizon, then the …