MicroStrategy’s thirst for Bitcoin cannot be quenched, despite holding over $31 billion worth.

Barely two days after announcing a plan to sell $1.75 billion worth of convertible notes as a means to buy up more of the world’s top cryptocurrency, the firm said on Wednesday that it has expanded that offering to $2.6 billion worth of notes. 

Michael Saylor, MicroStrategy’s co-founder and executive chairman, said the move was made due to “high demand” for the new notes over the last 48 hours. 

As with those initially offered on Monday, the additional zero-interest senior notes announced today will mature in 2029 and are available only to qualified institutional buyers. They will be eventually redeemable for cash, MicroStrategy stock, or a mix of both. 

That’s a mighty tempting offer for many Wall Street investors, given the recent, explosive growth of MicroStrategy’s stock. The company, which owns over 331,000 BTC—1.58% of the token’s total possible supply—has seen its stock balloon by over 870% in the last year, in the wake of Bitcoin’s surge. Earlier this month, the stock reached an all-time high.

If MicroStrategy manages to raise another $2.6 billion to buy up more Bitcoin, it would be able to purchase some 27,450 BTC at current prices. 

While MicroStrategy once billed itself as a business intelligence and software company, the company’s bold Bitcoin wager has upended not just its value to shareholders, but also the way it now sees itself: as the “world’s first and largest Bitcoin treasury company.” 

Edited by Andrew Hayward

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