(Bloomberg) -- MicroStrategy Inc. increased the amount of convertible senior notes it plans to sell to fund the purchase of additional Bitcoin by almost 50% to $2.6 billion.
Bitcoin climbed to a record high of $94,369 after MicroStrategy, the largest publicly traded owner of Bitcoin announced the upsized offering. MicroStrategy owns more than $30 billion in Bitcoin.
The 0% senior notes due in 2029 are being sold in a private offering to qualified institutional buyers, the company said in a statement Wednesday.
The Tysons Corner, Virginia-based firm has been focused on becoming a Bitcoin treasury company. MicroStrategy co-founder Michael Saylor said on an October call with analysts that the company plans to accelerate its treasury operations and acquire Bitcoin continually with the goal of having 1.5 times the leverage of Bitcoin.
As part of this plan, MicroStrategy said that it aimed to raise $42 billion in capital over the next three years to buy more Bitcoin. The company said half of the capital would be coming from equity, while the other half would be from fixed income securities.
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