Biden Bumbles On Banks, First Citizen Buys SVB, Saylor Buys More BTC

After the markets closed on Friday, President Joe Biden responded to a reporter’s question on the stability of the US banking system.

“I think we’ve done a pretty damn good job, and people's savings are secure”, he continued.

“The banks are in pretty good shape…and if there is more instability than it appears…the FDIC will be in a position to guarantee [deposits] over $250,000.”

“And so I think it’s going to take a little while for things to just calm down. But I don’t see anything that’s on the horizon that’s about to explode,” the President said.

We give Joe’s predictions on potential explosions particular credence in the wake of the Nordstream Pipeline.

Although, the memes foretell a different story…

Here’s what we brrr’d today:

• First Citizen’s Bank Buys Silicon Valley Bank, Stock Soars

• Microstrategy Buys $150M in Bitcoin, repays outstanding loan

WHAT WE OWN

$BTC, $ETH, $NVDA, $AAPL, $COIN, $XOM, $TSLA, $MSFT, $AMZN

Bitcoin and Nvidia have been the top two performers since we launched the newsletter this month.

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First Citizens Bank Scoops Ailing SVB

• First Citizens Bank & Trust acquires Silicon Valley Bank (SVB), including its deposits, loans, and branches.

• Acquisition includes $119 billion in deposits and approximately $72 billion of SVB's loans for a $16.5 billion discount.

• FDIC enters a loss-share transaction with First Citizens Bank & Trust on all commercial loans purchased from SVB.

• SVB's failure will cost the Deposit Insurance Fund around $20 billion; this transaction aims to address one of the largest banking collapses since the 2007-2008 financial crisis.

  Zerohedge

MicroStrategy Spends $150M on More BTC

• MicroStrategy, a US-based business intelligence firm led by Michael Saylor, has increased its Bitcoin holdings by purchasing 6,455 BTC for $150 million, at an average price of $23,238 per coin as of March 23, 2023.

• The company has also repaid its $205 million loan to Silvergate Bank, secured by Bitcoin owned by MicroStrategy's subsidiary, MacroStrategy. The loan was due to mature on March 23, 2025, but the company repaid it at a 22% discount.

• With this latest purchase, MicroStrategy's total Bitcoin holdings increased to 138,955 BTC, acquired for $4.1 billion at an average price of $29,817 per coin.

• MicroStrategy raised $339 million this year by selling its shares, which it used to repay the loan.

• MicroStrategy's latest Bitcoin purchase is its first in 2023, and its largest since December 2021, when it bought 2,395 BTC for $42.8 million at an average price of $17,181 per coin.

  Cointelegraph

TWEET OF THE DAY

The SEC announced a slew of regulatory actions against crypto firms recently, missing the forest for the trees

AI ART OF THE DAY

Biden doesn’t see any explosions!

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The BRRR is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.