After announcing its offering of $500 million in unsecured senior convertible notes to purchase more Bitcoin, MicroStrategy increased it one day later to $700 million.
MicroStrategy, co-founded and led by Michael Saylor, is already the biggest institutional holder of Bitcoin and is not seeking to give up its position. It holds more than $13 billion worth of Bitcoin, depending on market fluctuations.
The publicly-traded company says it considers itself the world’s first Bitcoin development company, committed to the continued growth of the Bitcoin network through its activities in the financial markets, advocacy and technology innovation.
MicroStrategy may now raise as much as $786 million if the initial purchasers exercise in full their options to buy additional notes.
The notes will mature on June 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. They will bear interest at a rate of 2.25% per annum, payable semi-annually.
They are being offered and sold to persons reasonably believed to be qualified institutional buyers.
MicroStrategy saw a 146% jump in its stock value in the first quarter, driven by a rally in Bitcoin, DL News reported.