The early bird gets the worm, or so the adage goes. In the case of MicroStrategy, it’s been just over four years of steadily stacking Bitcoin—and it wants more.

MicroStrategy said Monday evening that it plans to raise $1.75 billion through convertible notes to buy more of the world’s largest crypto and for “general corporate purposes.” 

The zero-interest senior notes will mature in 2029 and be offered to qualified institutional buyers. If everything goes according to plan, the company could get its hands on up to 19,000 additional Bitcoin.

The business intelligence and software company has wasted no time putting its recent purchases to work.

On Monday, MicroStrategy bought another $4.6 billion worth of Bitcoin, bringing its total holdings to 331,200 BTC — now worth over $30 billion at current prices. 

Data from MSTR Tracker shows that the company now owns 1.58% of the total maximum supply of 21 million BTC with an average cost of $49,874 per coin.

The notes won’t pay regular interest and can be converted into cash, MicroStrategy stock, or a mix of both. The company may also give initial buyers an option for an extra $250 million in notes within three days, it said.

Wall Street has taken notice, too. Vanguard Group and Capital International Investors grabbed 15.9 and 15.8 million MicroStrategy shares each last quarter, filing data from Fintel shows. Morgan Stanley has also jumped aboard, buying up 8.8 million shares on Thursday, representing a 1,126% increase from the previous quarter.

MicroStrategy’s aggressive Bitcoin strategy is paying off.  While the world’s largest crypto is up 112% this year, the company’s stock, MSTR, has soared 485%, data from Portfolios Lab shows. 

Notably, the same data indicates that MSTR has a higher volatility of 32% compared to Bitcoin’s 16%. The firm’s stock closed trading Monday at $384, boasting a $78 billion market capitalization.

Between its massive Bitcoin holdings and growing Wall Street support, MicroStrategy has transformed from a business intelligence company to what it calls “the world’s first and largest Bitcoin treasury company.”

In October, the firm revealed its ambitious “21/21” plan to raise $42 billion over three years for more Bitcoin purchases, split evenly between stocks and bonds.

The company said it will discuss its latest offering in a webinar on Tuesday morning, though only qualified institutional buyers can attend.

Edited by Sebastian Sinclair

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