(Bloomberg) -- MicroStrategy Inc. increased its convertible note offering by 40% to $700 million, a day after the enterprise software maker announced plans to use the proceeds raised to buy more Bitcoin. 

The largest publicly-traded corporate holder of Bitcoin said in a statement Friday that the notes maturing in 2032 will be priced to yield 2.25%. The firm also granted buyers the option of purchasing another $100 million of the senior securities. 

Michael Saylor, the chairman and co-founder of MicroStrategy, started buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. MicroStrategy has amassed about $12.7 billion of Bitcoin, or more than 1% of all the cryptocurrency ever created. The original digital asset is up more than 600% since Saylor began buying.

Bitcoin has gained around 60% so far this year, driven in part by optimism over the launch of US exchange-traded funds investing directly into the cryptocurrency. MicroStrategy’s shares have risen about 135% during the same period. 

(Adds share price history in the final paragraph.)

©2024 Bloomberg L.P.