On Tuesday, MicroStrategy revealed its intent to raise $600 million through a new offering of convertible senior notes to buy more bitcoin. 

Just one day later, the firm is already upsizing the size of the round to $900 million. In an announcement early Wednesday morning, the business services company wrote that the aggregate pricing of the notes had been increased to $900 million, $300 million above the original plan: 

"MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced the pricing of its offering of $900 million aggregate principal amount of 0% convertible senior notes due 2027."

These notes will be sold to "qualified institutional buyers" in accordance with SEC law, and the sale is expected to end on February 19th. 

This is the second time MicroStrategy has sold corporate bonds to purchase bitcoin. 

In December, the firm raised $650 million in a similar offering, as reported by the BTC Times previously. Michael Saylor, CEO of MicroStrategy, subsequently announced the acquisition of nearly 30,000 bitcoin with that capital.  

Assuming the firm purchases $900 million worth of bitcoin at an average price of $50,000, MicroStrategy will acquire 18,000 coins. 

According to BitcoinTreasuries, the firm holds 71,079 BTC as is, currently valued at $3.6 billion. 

Institutional Support for Bitcoin Continues

The increase in the pricing of the notes comes as bitcoin has continued to see strong institutional support across the board.

Last week, The BTC Times reported that Tesla purchased $1.5 billion worth of bitcoin. According to SEC filings, the firm purchased the cryptocurrency to provide "more flexibility to further diversify and maximize returns on our cash.” 

It was also indicated that this purchase will be followed by Tesla accepting bitcoin for its vehicles, dependent on local laws.

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