In a bold move to further increase its investment in Bitcoin, MicroStrategy (NASDAQ:MSTR) has announced its second convertible bond offering in less than ten days.
The software giant is set to raise $500 million through convertible notes due in 2031, targeting institutional investors.
This announcement comes on the heels of a $600 million private offering in convertible notes disclosed on March 5.
Bitcoin's price soared to a record high of over $73,000 on Thursday, underlining the cryptocurrency's growing appeal among investors.
MicroStrategy is capitalizing on this momentum, aligning with other companies that are leveraging convertible bonds amidst a high interest rate environment to fund their investments.
MicroStrategy's venture into Bitcoin began in 2020, and it has since become the cryptocurrency's largest corporate holder.
Despite a slowdown in revenue from its core software business in 2022 and 2023, the company's aggressive crypto investment strategy has paid off.
In February alone, MicroStrategy added 3,000 bitcoins to its holdings, bringing its total to 193,000 bitcoins as of February 25.