MicroStrategy upsizes $900-mn debt sale to buy more bitcoin, sets 0% coupon

Major bitcoin corporate backer MicroStrategy Inc on Wednesday upsized a debt offering through convertible notes to $900 million, with the proceeds to be used for buying more of the digital currency.

The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, said proceeds of the offering will be about $879.3 million.

MicroStrategy said on Tuesday it will borrow $600 million to buy more bitcoin, as the cryptocurrency surged past $50,000 in a rally fueled by wider acceptance among investors.