According to a press release, MicroStrategy (MSTR), which now describes itself as a Bitcoin development company, filed to raise $500 million in convertible notes on Wednesday afternoon and plans to use the proceeds to purchase more Bitcoin (BTC).
Just a few days ago, the company closed on an $800 convertible debt offering (up from the originally planned $600 million). With these proceeds and some US dollars already in the bank, another 12,000 Bitcoins were purchased for $821.7 million.
Following this purchase, MicroStrategy's stack stood at 205,000 Bitcoins, now worth just under $15 billion. Assuming Bitcoin remains at current levels of $73,000, the company could use the proceeds from this latest offering to purchase approximately 6,800 additional tokens.
MSTR shares are down slightly in after-hours trading, after gaining 10.85% during the regular session to hit an all-time high close of $1,766. The stock is up 158% year-to-date, in parallel with Bitcoin's rise to a record high above $73,000.
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