MicroStrategy, the world’s largest corporate Bitcoin holder, has increased its convertible debt offering to US$700 million, a US$100 million increase from the initial US$600 million announced on March 5.

The company plans to use the proceeds to purchase more Bitcoin and for general corporate purposes.

The offering, which is expected to close on March 8, has been structured with an annual interest rate of 0.625% and a maturity date in March 2030.

The notes are available to qualified institutional buyers.

In the company’s fourth quarter financial results released last month, MicroStrategy said that it holds 190,000 Bitcoins at a total cost of US$5.93 billion, or US$31,224 per Bitcoin.

MicroStrategy’s chairman, Michael Saylor, has been a vocal proponent of Bitcoin, maintaining a long-term investment strategy without plans to divest.