On Monday, American business services company MicroStrategy announced its intent to raise $400 million in a private offering of convertible senior notes, the proceeds of which it would potentially use to buy bitcoin. While many scoffed at the deal that earned the company a stock downgrade from Citibank, a few days later, the round has already been completed.

In a press release published Friday morning, MicroStrategy revealed that it has closed the funding round it launched on Monday. The company raised $650 million from the sale of 0.750% convertible senior notes that will be due in 2025. The investors of this round were not named, though they were classified as "qualified institutional buyers."

The proceeds of this sale might be used to purchase bitcoin, MicroStrategy wrote:

"MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending identification of working capital needs and other general corporate purposes."

Nic Carter, founding partner at Castle Island Ventures, has already taken to Twitter, questioning why the market isn't reacting to this news.

"My point is that the market should logically be anticipating the market impact of the forecasted buy (which will absolutely be nonzero), not that I expect Saylor to smash 'market buy' on Coinbase."

He elaborates that this is the first time a bitcoin buyer of this size has announced their future intention to buy the cryptocurrency.

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