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

The business intelligence firm confirmed the news in a March 4 statement, which revealed the funds will be issued in the form of Senior Convertible notes.

MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb

— Michael Saylor⚡️ (@saylor) March 4, 2024

Senior Convertible notes are a debt security that can be converted into equity at a later date. They’re “senior” to common stock in the sense that holders have priority in the event of bankruptcy or liquidation.

MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase up to an additional $90 million aggregate principal amount of the notes.

Related: MicroStrategy stock spikes over 20% as BTC price continues skyward

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

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.

It comes as MicroStrategy’s stock rallied more than 2% to $1,359 on March. 4. Meanwhile, Bitcoin is currently up 8.1% to $67,480 over the last 24 hours and is fast approaching its all-time high price of $69,000, reached on Nov. 10, 2021, according to CoinGecko.

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