MicroStrategy Raises $1.05B in Latest Debt-for-Bitcoin Offering

MicroStrategy CEO Michael Saylor said Friday the firm had completed a $1.05 billion debt offering, a raise that will allow the business intelligence company to buy another $1 billion in bitcoin.

The raise is part of MicroStrategy's dual business strategy of developing business intelligence software and also literally just buying as much bitcoin as it possibly can. MicroStrategy already has 71,039 of the coins.

"MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy," the company said.