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Following a Tuesday announcement that MicroStrategy would be planning to buy $600 million in Bitcoin through a sale of convertible notes, the business intelligence firm has upped the ante by another $300 million.

MicroStrategy said today it would be selling $900 million in convertible senior notes due in 2027 in a private offering to qualified institutional buyers. According to the firm’s estimates, the proceeds of the sale will be roughly $879 million. It added, however, that it could be as high as $1 billion “if the initial purchasers exercise in full their option to purchase additional notes.”

The business intelligence firm said it expected to close the offering on Friday, at which time it would “acquire additional Bitcoin.” With the price of the Bitcoin (BTC) reaching an all-time high of more than $51,000 today, MicroStrategy could soon have an additional 19,000 BTC in its coffers.

MicroStrategy’s initial $250 million Bitcoin investment last August has more than doubled, given the crypto asset’s recent bull run. The business intelligence firm has since purchased 16,796 BTC for $175 million in September, then 29,646 BTC for $650 million through the issuance of bonds in December. In addition, the firm bought 314 Bitcoin for $10 million in late January, and 295 BTC for $10 million earlier this month.

Should the purchase go according to plan, the business intelligence firm would hold more than $3.5 billion of the crypto asset in its reserves, or roughly 90,000 BTC. This would mean the company would control 0.48% of Bitcoin’s circulating supply.

MicroStrategy has announced via a press release on February 17 that it plans to issue $900 million more worth of debt, adding $300 million to the novel debt issuance model to buy more Bitcoin. The firm stated that it will offer convertible notes that will mature on February 15, 2027.

The business intelligence company initially set a target of $600 million when it announced its plan to buy more Bitcoin before raising its offering to $900 million and could pour another $150 million into the digital coin if its initial buyers decide to get an additional batch of the notes.

Michael Saylor, Chief Executive Officer of the firm and a long-time Bitcoin fanatic revealed that proceeds of the offering will be about $879.3 million and will be poured into Bitcoin buys as the cryptocurrency surged past $50,000 in its latest rally.

MicroStrategy borrowing $900 million to buy Bitcoin again has strengthened the already speculative notion of the firm attacking the U.S dollar. The firm is rumored to be issuing cheap debt in order to hodl Bitcoin in hopes of a bumpy return if the coin’s value continues to rise.

Reports however suggest that its CEO has mandated the firm to adopt two distinct business models being the development of business intelligence software, and to purchase more and more Bitcoin as its upward trajectory is expected to continue.

MicroStrategy is the world’s largest publicly traded business intelligence company and spent the latter stages of last year investing in cryptocurrencies as it made its first purchase of 21,454 BTC on August 11, 2020. The firm arguably became one of the powerful BTC bulls after its purchase and somewhat kick-started the new wave of institutional interest from publicly listed companies in the United States and across the globe.

MicroStrategy’s initial purchase of 21,454 BTC was worth $250 million at that time as the company followed it with several investments that took its BTC Holdings to $70,470 BTC, all bought at a combined rate of $1.125 billion.

The firm’s BTC holdings are now worth around $3.6 billion, a growth of more than double in value since its first BTC purchase. Following the surge of the digital coin in late December, Microstrategy’s BTC holding rose to $2.4 billion, representing more than a 100% growth since August.

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