MicroStrategy completes $500 million offering, plans to buy more Bitcoin

Software company MicroStrategy has today completed its $500 million offering of secured notes, according to a statement. The company said it plans to use the proceeds, which it estimates at $488 million — after discounts, comissions and expenses — to buy more bitcoin.

The offering was of secured notes due 2028 that bear interest at an annual rate of 6.125%.

The company already holds 92,079 bitcoin, which is under the purview of its newly formed subsidiary MacroStrategy. The price of bitcoin is currently $40,700, suggesting that MicroStrategy will be able to buy around 11,990 more bitcoin, taking it well above the 100,000 mark.

MicroStrategy announced this latest offering on June 7, initially planning to raise $400 million before it was upped to $500 million. According to reports, the company had more than $1.6 billion worth of orders for the notes, "including interest from a large number of hedge funds."