Tysons-based business software company MicroStrategy Inc. is going all in on its bitcoin strategy: The company announced Wednesday it would raise $900 million from a convertible senior notes offering set to close on Friday.
On Tuesday, the company announced a $600 million offering, which it upped to $900 million on Wednesday. Proceeds from the offering are intended to be used to buy more bitcoin, which the company has been gobbling up since last summer.
Through cash holdings conversions and debt offerings, MicroStrategy, led by cryptocurrency advocate Michael Saylor, has bought hundreds of millions worth of bitcoin, almost all within the last six months. With bitcoin hitting an all-time high price of $50,000 on Wednesday, the company’s 70,000-plus bitcoin are worth more than $3.6 billion — more than double MicroStrategy’s purchase price.
