Michael Saylor’s MicroStrategy Raising Another $500M to Buy More Bitcoin

Now billing itself as a Bitcoin Development Company, MicroStrategy (MSTR) Wednesday afternoon filed to raise $500 million in a convertible debt offering, with intentions to use the proceeds to purchase more bitcoin (BTC), according to a press release.

The company only days ago closed on an $800 convertible debt raise (upsized from an originally planned $600 million), with those proceeds plus some dollars already in the bank used to acquire another 12,000 bitcoin for $821.7 million.

Following that buy, MicroStrategy’s stack stood at 205,000 bitcoins, now worth just shy of $15 billion. Assuming bitcoin remains around its current $73,000 level, the company would be able to purchase somewhere in area of 6,800 addition tokens with proceeds from this latest offering.

MSTR shares are down marginally in after hours trading after gaining 10.85% during the regular session to an all-time high close of $1,766. The stock’s now up 158% year-to-date alongside bitcoin’s rise to a record high above $73,000.

Read more: ‘Bitcoin Is Going to Eat Gold’: MicroStrategy’s Michael Saylor