MicroStrategy, the NASDAQ-listed business intelligence software firm, has increased its target for a convertible senior note offering from $500 million to $700 million, a day after the initial announcement. The funds are intended for the purchase of more Bitcoin (BTC) and other corporate purposes. The firm has been using various funding methods, including debt, to accumulate more BTC since its first purchase in August 2020.

The company now owns 214,400 BTC, over 1% of Bitcoin's total supply, and despite a retracement from its all-time high in March, it still holds an unrealized profit of $6.6 billion. MicroStrategy's share prices, heavily influenced by Bitcoin's movements, have soared by triple digits since the start of the year.

The firm's shares entered 2024 at just under $700, fell to below $500, but have since risen to over $1,900, following Bitcoin's surge. Despite a retracement since the March peak, the shares are still up 120% YTD, closing Friday at $1,495. The optimistic market outlook suggests a promising future for both Bitcoin and MicroStrategy.