MicroStrategy (MSTR) has increased its convertible note offering from $600 million to $700 million to purchase more Bitcoin (BTC).
The Tysons Corner, Virginia-based company, founded by staunch Bitcoin proponent Michael Saylor, now plans to raise $700 million by selling convertible notes at an interest rate of 0.625% per year, MicroStrategy said in a statement on Wednesday .
The company also announced the price of its convertible bonds. The initial conversion price for the notes will be $1,497.68 per share, a 42.5% premium to Tuesday's closing price of $1,051.01.
MicroStrategy's holdings of around 193,000 BTC – worth about $13 billion at the current price – are the largest of any publicly traded company, as the company has been a tireless Bitcoin accumulator for several years.
Shares of MicroStrategy were trading around $1,227.02 at the time of writing, up nearly 17% on the day. The stock fell by a similar amount on Tuesday as Bitcoin price fell below $64,000 after hitting a new all-time high above $69,000.
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