(Bloomberg) -- MicroStrategy Inc. said it raised $1.01 billion through the sale of convertible senior notes to purchase more Bitcoin and redeem higher yielding securities.
The enterprise software maker, whose corporate strategy includes buying Bitcoin, used $458 million of the proceeds to acquire the cryptocurrency between Sept. 13 and Sept. 19. MicroStrategy owns about $15.8 billion in Bitcoin, making it the largest publicly traded corporate holder of the cryptocurrency. BlackRock runs the largest Bitcoin exchange-traded fund.
MicroStrategy co-founder and Chairman Michael Saylor has essentially turned the Tysons Corners, Virgina-based enterprise software maker into a crypto hedge-fund proxy since first buying Bitcoin in 2020.
The convertible note sale was the fourth this year. The 0.625% securities will mature in 2028. The company is redeeming $500 million of 6.125% notes due in 2028.
MicroStrategy held about 252,220 Bitcoin as of Sept. 19, the company said in a Securities and Exchange Commission filing Friday.
The firm’s shares have more than doubled this year, outperforming the roughly 50% jump in the price of Bitcoin during the same period.
(Adds details on more recent purchase in the second paragraph.)
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