Michael Saylor’s MicroStrategy Plans to Raise $700M to Buy More Bitcoin

MicroStrategy, the largest corporate reserve holder of Bitcoin with over $14 billion worth, announced Monday that it plans to buy even more Bitcoin as part of a private offering of $700 million worth of convertible senior notes.

The firm said that it will use proceeds from the sale to redeem $500 million in previous senior secured notes that are due in 2028, with an expected total cost of $523.8 million including interest. MicroStrategy then plans to use any remaining proceeds to purchase more Bitcoin and for general corporate purposes.

MicroStrategy now holds 244,800 Bitcoin—about $14.2 billion worth—after announcing its most recent purchase on Friday.

Editor’s note: This story is breaking and will be updated with additional details.