MicroStrategy (MSTR), a leading concern intelligence firm, announced Friday that it has raised $650 million worth of convertible bonds to finance more Bitcoin (BTC) purchases, underscoring CEO Michael Saylor's conviction in the flagship digital nugget.

The company confirmed Fri that information technology had sold $650 million worth of convertible senior notes at a rate of 0.750% due in 2025. The involvement rate is payable semi-annually on June 15 and Dec 15 beginning in 2021.

According to the press release:

"MicroStrategy intends to invest the net gain from the sale of the notes in bitcoin in accord with its Treasury Reserve Policy awaiting identification of working capital needs and other general corporate purposes."

The securities were issued nether Rule 144A of the Securities Human action of 1933 and will exist bachelor to institutional investors only.

The raise was finalized mere days after the company first announced plans to leverage bail proceeds to acquire more Bitcoin. As Cointelegraph previously reported, MicroStrategy was initially targeting a raise of $400 million. At $650 million, the house can purchase over 36,300 BTC at electric current prices.

MicroStrategy shocked the world earlier this yr when information technology announced that information technology would convert most of its residue sheet to Bitcoin. At the time, CEO Michael Saylor said his company was sitting on a "$500 one thousand thousand melting ice cube" of cash.

The company currently sits on 40,824 BTC representing over $734 million. That represents a gain of nearly $260 one thousand thousand from the basis acquisition toll.

Wall Street analysts are concerned that MicroStrategy has become overexposed to Bitcoin, whose decade of volatility has kept many institutional investors on the sidelines until merely very recently. Citbank recently downgraded MSTR to "sell" from "neutral" because of its "disproportionate" BTC focus.

MicroStrategy may be the largest corporate Bitcoin holder, but information technology isn't the only 1. On Thursday, Massachusetts-based insurance house MassMutual appear it had purchased $100 million in BTC for its general investment account, making it one of the largest corporate holders. Publicly-traded companies like Galaxy Digital (GLXY), Square (SQ) and Hut 8 Mining Corp (Hut-8) have invested between $36 meg and $134 million in Bitcoin. Each company is now sitting on significant profits.