Software company MicroStrategy has not received a margin request against its loan from crypto-focused bank Silvergate, Reuters reported on Wednesday.

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The aggressive investor in bitcoins and the American software company MicroStrategy says that it has not received a request for a margin for a $ 205 million loan secured by bitcoins, which it took in March, according to a Reuters report on Wednesday.

Margin call is a situation in which the investor must commit more funds to avoid losses in a transaction made with borrowed money.

CNBC said on Tuesday that investors are worried that MicroStrategy, which has bet $ 4 billion on bitcoin, will be forced to liquidate some of its bitcoin holdings if faced with a margin stake.

MicroStrategy did not respond to CNBC’s request for comment prior to the publication of this report.

The world’s largest cryptocurrency briefly fell below $ 21,000 on Tuesday in a big sell-off this week. Shares of MicroStrategy, considered by some to be a proxy for investing in bitcoin, fell more than 70% since the beginning of the year.

Bitcoin was trading at $ 21,184.99 at 12.52 ET on Wednesday.

In March, MicroStrategy borrowed $ 205 million on a three-year loan from crypto-focused Silvergate Bank to buy more bitcoins, using its own bitcoins to secure the loan.

As of March 31, MicroStrategy owns 129,218 bitcoins, each purchased at an average price of $ 30,700, according to company records. The company is the largest corporate investor in bitcoin.

MicroStrategy’s chief financial officer earlier stressed in May that if bitcoin fell below $ 21,000, it could trigger a margin claim.

“MicroStrategy has not received a margin call against our Silvergate loan, even as bitcoin prices have fluctuated recently,” Reuters said in a statement.

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“We can always contribute additional bitcoins to maintain the required loan-to-value ratio … even at current prices, we continue to maintain more than enough additional unsettled bitcoins to meet our loan agreement requirements,” said MicroStrategy . The loan-to-value ratio is a measure of how risky the loan is by comparing the amount taken with the value of the asset.

Earlier in June, MicroStrategy CEO Michael Sailor said the company had more than enough bitcoins to meet its loan requirements. He said bitcoin prices would have to fall below $ 3,500 before more collateral is required.

Sailor also tweeted Tuesday the company has anticipated instability and structured its balance sheet so that it can remain invested.

MicroStrategy did not immediately respond to a request for comment from CNBC on Wednesday.

– Ryan Brown of CNBC contributed to this report.

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