MicroStrategy Increases Convertible Senior Note Offering Size to $2.6B, Will Use Proceeds to Buy More Bitcoin

MicroStrategy founder Michael Saylor, in a comment on the decision to upsize the note offering, noted demand was high.

MicroStrategy has increased the size of its recently announced convertible senior note offering, from $1.75 billion to $2.6 billion.

Proceeds from the offering will be used to purchase additional Bitcoin, the company said in a statement Monday. MicroStrategy, which is already the largest corporate holder of BTC, announced plans to raise $1.75 billion earlier this month.

MicroStrategy founder Michael Saylor, commenting on the decision to increase the note offering, said there was "strong demand."

The MSTR offering is for 0% convertible bonds that mature in 2029 and includes a $400 million greenshoe option, giving initial purchasers the option to buy an additional $400 million of the principal amount of the notes. This extends to three days from the date the company first issues the notes.

"The notes will be convertible into cash, shares of MicroStrategy's class A common stock, or a combination of cash and shares of MicroStrategy's class A common stock, at MicroStrategy's election," the company said in the statement.

MSTR stock out-trades Tesla, Nvidia

As MicroStrategy leads the Bitcoin agenda, its stock has seen a massive gain. Market data shows that MSTR is up 620% year-to-date and 871% over the past year. Over the past five years, MSTR has outperformed by a staggering 3,159%.

This surge has led to the MicroStrategy stock becoming "the most traded stock in America today."

Eric Balchunas, senior ETF analyst at Bloomberg, highlighted this fact in a post on X on Nov. 20. Despite a year that has seen Tesla and Nvidia stocks also outperforming, it is MicroStrategy's stock that is seeing the most volume.

"It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times," the analyst noted.

Wow $MSTR is the most traded stock in America today.. to best $TSLA and $NVDA is crazy. It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times.. pic.twitter.com/bUr8nycMX3

Since its first Bitcoin purchase, MicroStrategy has acquired a total of 331,200 BTC, spending approximately $16.5 billion to scoop up the BTC at an average price of $49,874 per bitcoin. The latest purchase was for 51,780 BTC, worth $4.6 billion, with this bought at an average price of $88,627.

Bitcoin's price has risen significantly since the company adopted the strategy, inspiring several others to add BTC as a treasury reserve asset. The digital asset traded at around $93,915 at the time of writing – having hit a new all-time high of $94,891.