MicroStrategy announced the issuance of $700 million in convertible senior notes due 2028.

- $500 million will be used to repay the previous tranche of notes.

- The remaining funds will be used to purchase bitcoin and for general corporate purposes.

The company will also give buyers the option to purchase an additional $105 million in notes.

MicroStrategy began buying bitcoin in 2020 and currently holds 244,800 BTC.

The company's shares fell 4.9% amid a decline in the price of bitcoin.