MicroStrategy is set to raise $600M in convertible notes to buy more bitcoins.

MicroStrategy, the largest corporate owner of Bitcoin (BTC), is set to raise $600 million as part of a move to buy more Bitcoin.

The business intelligence firm confirmed the news in a statement on March 4, stating that the funds will be issued in the form of highly convertible notes.

Senior convertible notes are debt securities that are later converted into equity. They are “senior” to common stock because holders are given priority in the event of a bankruptcy or bankruptcy.

Microstrategy said it “intends to use” the net proceeds from the sale of the notes to purchase additional bitcoins for general corporate purposes.

It also expects to offer the initial purchasers of the notes an option to purchase up to $90 million in aggregate notes.

Related: MicroStrategy Stock Rises Over 20% As BTC Price Continues To Skyrocket

The notes will mature on March 15, 2030 unless earlier redeemed, redeemed or converted in accordance with their terms.

The notes will convert into cash, MicroStrategy Class A common stock, or cash and MicroStrategy Class A common stock.

MicroStrategy stock rose more than 2% to $1,359 in March. 4. Meanwhile, Bitcoin is currently up 8.1% to $67,480 in the last 24 hours and is fast approaching a peak price of $69,000, reached on November 10, 2021, according to CoinGecko.

MicroStrategy is now up 172% in a month.

The firm's founder and CEO, Michael Saylor, has been the chief executive of MicroStrategy's Bitcoin investment strategy. The company currently holds 193,000 BTC, with a current value of $13 billion, according to BitcoinTreasuries.

At an average purchase price of $31,550, MicroStrategy is worth about $7 billion in investments.

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This is a developing story, and more information will be added as it becomes available.