MicroStrategy, one of the largest public holders of Bitcoin (BTC), has completed another convertible notes offering to increase its Bitcoin stash.

Former MicroStrategy CEO Michael Saylor took to X on March 18 to announce that MicroStrategy had completed its previously announced offering of 0.875% convertible senior notes due 2031.

The notes sold in the offering amounted to $603.75 million, including $78.75 million aggregate principal amount of notes issued pursuant to an option to purchase.

According to the announcement, the notes were sold in a private offering to qualified institutional buyers in compliance with securities laws in the United States.

The offering comes days after MicroStrategy completed a $800 million convertible note offering on March 8, with the proceeds used to add 12,000 BTC to its Bitcoin treasury reserve.

Just like the previous offering, MicroStrategy will use the net proceeds from the convertible notes sale to acquire additional Bitcoin, the announcement stated.

Minutes after announcing the fresh $604 million offering, Saylor also announced the acquisition of an additional 9,245 BTC using the proceeds from convertible notes and excess cash.

The average price of the purchase amounted to $67,382 per BTC, the former CEO noted, adding that MicroStrategy held a total of 214,246 BTC, or 1.02% of Bitcoin’s total supply to be mined.

The firm paid an average price of $35,160 per BTC

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