MicroStrategy shares rise after firm reveals plans to sell convertible debt to buy more bitcoin

Shares of MicroStrategy were higher by more than 5% in premarket trading Tuesday after the enterprise software company announced intentions to purchase more bitcoin.In a press release, MicroStrategy said it plans to offer $600 million of senior convertible notes and use the net proceeds to buy bitcoin. The company already owns nearly 72,000 units of bitcoin, as of a Feb. 2 regulatory filing. That's worth nearly $3.6 billion based on the price of the virtual currency Tuesday.It's the second time MicroStrategy has raised funding to finance a purchase of the cryptocurrency. In December, the Virginia-based company closed a $650 million senior convertible note offering.Convertible notes are debt but they can be turned into a company's stock, cash or a combination of both at a later date.Under the leadership of chairman and CEO Michael Saylor, MicroStrategy became an early adopter of companies buying bitcoin as an investment. The company disclosed its…

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