MicroStrategy Ups Convertible Debt Offering to $700M to Buy More Bitcoin

MicroStrategy (NASDAQ: MSTR) has increased its convertible debt offering by $100 million to a total of $700 million in order to buy more Bitcoin.

Just two days ago, MicroStrategy chairman Michael Saylor revealed that it intended to raise $600 million in the form of senior convertible notes to buy more Bitcoin.

In a new statement, MicroStrategy announced it is looking to raise $700 million via the sale of convertible senior notes at an open interest rate of 0.625% per year.

MicroStrategy is currently holding around 193,000 BTC, worth about $13 billion at its current price. The holding is the largest of any publicly listed company.

Shares of MicroStrategy have seen their price fluctuate in tandem with Bitcoin's. MicroStrategy's stock price tumbled 20% as Bitcoin slid to $59,700 from its all-time high.

MicroStrategy chairman Michael Saylor has retained his bullish Bitcoin stance, stating he will continue to buy the world's biggest cryptocurrency forever.

“I’m going to be buying the top forever, Bitcoin is the exit strategy," he said last month, adding that the cryptocurrency is stronger than gold. “We believe capital is going to keep flowing from those asset classes into Bitcoin because Bitcoin is technically superior to those asset classes and that being the case, there’s just no reason to sell the winner and to buy the losers.”