MicroStrategy, the software company co-founded by prominent crypto advocate Michael Saylor, has announced that it has paid off the remaining principal on its $205 million loan from Silvergate Bank. The loan, which was taken out last March, was collateralized by 34,619 bitcoins, which have now been returned to MicroStrategy’s custody.

In addition to paying off the loan, the company also revealed that it has acquired an additional 6,455 bitcoins for approximately $150 million over the past five weeks, bringing its total holdings to 138,955 bitcoins. These were purchased at an average price of $29,817 each, and are currently worth approximately $3.88 billion at the current bitcoin price of $27,900.

MicroStrategy also disclosed that it has raised $339.4 million this year through the sale of its shares, and used the proceeds to pay back the loan from Silvergate. The news of the loan payoff and increased bitcoin holdings has caused a 0.9% increase in MicroStrategy’s premarket share prices.

The move highlights MicroStrategy’s continued bullish stance on bitcoin, with the company viewing the cryptocurrency as a long-term store of value. Saylor has been a vocal proponent of bitcoin, and has urged other companies to consider adding it to their balance sheets as a hedge against inflation.

MicroStrategy’s decision to expand its bitcoin holdings is indicative of the increasing adoption of the cryptocurrency by institutional investors. With companies like Tesla, Square, and PayPal all investing in bitcoin in recent months, it seems likely that more firms will follow suit in the coming years.

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