MicroStrategy, a leading company in the Bitcoin space, is planning to raise $500 million to further expand its Bitcoin holdings. This move comes as the company continues to solidify its position as the largest public company holder of Bitcoin.

Led by CEO Michael Saylor, MicroStrategy has been aggressively accumulating Bitcoin since 2020, with its average purchase price per coin remaining around $35,000. With Bitcoin currently trading near $68,000, the company's holdings are significantly in the green.

The $500 million capital raise will be achieved through the sale of convertible senior notes to qualified institutional buyers. The notes will pay interest semiannually and mature in 2032 unless converted or redeemed earlier. The funds will primarily be used to acquire more Bitcoin, furthering the company's corporate strategy.

MicroStrategy's Bitcoin-buying obsession has made it a proxy for Bitcoin on Wall Street, with its stock often rising and falling with the price of BTC. This latest capital injection signals the company's conviction that Bitcoin will continue to appreciate over the long term.