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 for its entire stash of Bitcoin.

Related: Bitcoin is more of a ‘billion-dollar building in cyberspace,’ argues Saylor

As previously mentioned, MicroStrategy announced its second fundraiser on March 13, targeting $600 million through a private senior convertible notes offering.

Senior convertible notes are a debt security that can be converted into equity at a later date. MicroStrategy’s notes will mature on March 15, 2031, unless earlier repurchased, redeemed or converted in accordance with their terms.

The notes are “senior” to common shares because holders have priority in the event of bankruptcy or liquidation.

Saylor has emerged as one of the biggest Bitcoiners dedicated to hodling Bitcoin. Last month, the former MicroStrategy CEO claimed he has no plans to sell Bitcoin.

“I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said after being asked if his firm would sell its stash counting 190,000 BTC at the time.

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