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MicroStrategy’s not done buying up bitcoin — or, rather, offering convertible senior notes to do so.
The company, on Wednesday, announced that it was proposing another offering — this time for $500 million — of convertible senior notes due in 2031. The company added that it could raise an additional $75 million from the offer.
“MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $75 million aggregate principal amount of the notes,” a press release said.
The company said the funds from the sale will be used to “acquire additional bitcoin and for general corporate purposes.”
Read more: MicroStrategy once again holds more bitcoin than BlackRock’s IBIT — for now
The sale will only be offered to institutional investors.
The offering comes just after it proposed an initial offering of $600 million worth of convertible notes, which it later upsized to $700 million.
The previous convertible note offering closed on March 8.
The company announced on Monday that it had closed the $800 million offering of 0.625% senior convertible notes due in 2030.
‘The aggregate principal amount of the notes sold in the offering was $800 million,” the company said.
Earlier this week, the company announced that it bought 12,000 more bitcoin for $821 million. The purchases were made from Feb. 26 through March 10, a filing showed. MicroStrategy holds roughly 205,000 bitcoin.
Read more: MicroStrategy will use proceeds from convertible note sale to add to bitcoin stash
The company’s stock was slightly down in after-hours trading Wednesday, hovering around $1,735 a share. It closed the market day up roughly, continuing an upward trend.
Over the past year, it’s up 676%. In the past five days alone, the stock has soared 41%.
MicroStrategy’s most recent proposed note offering follows on the coattails of Coinbase, which announced a proposed offering of $1 billion in senior convertible notes Tuesday evening.
The company said that it would be using the proceeds for general corporate purposes, according to a press release.