Microstrategy (Nasdaq: MSTR), a publicly traded company known for its commitment to bitcoin, has completed a $1.01 billion offering of 0.625% convertible senior notes due 2028. The company intends to use part of the proceeds to acquire more bitcoin (BTC), alongside redeeming $500 million of senior secured notes.

The move underscores Microstrategy’s long-term bitcoin strategy, with the company already holding approximately 244,800 BTC before the announcement. The new purchases will further solidify its position as one of the largest corporate holders of bitcoin.

The company’s recent note offering reportedly saw significant institutional interest, with a total of $135 million in additional notes sold after initial demand. These unsecured senior notes will pay interest semi-annually at a rate of 0.625%, maturing in 2028.

The notes are convertible into cash, shares of Microstrategy’s class A common stock, or a combination of both, providing flexibility for investors. Proceeds from the sale will not only fund more bitcoin acquisitions but also general corporate purposes, according to the company’s press release.