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What's another $100 million between friends?

Enterprise software firm MicroStrategy has upped its corporate bond sale, first announced yesterday, from $400 million to $500 million. The publicly traded company plans to use the revenue to purchase Bitcoin atop the 92,079 BTC it already holds.

According to a report from Bloomberg, which cites unnamed sources, MicroStrategy upped the sale after receiving $1.6 billion in bond orders from institutional investors eager to buy up the corporation's debt in return for a yield of 6.125% in annual interest.

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MicroStrategy's sale of senior secured notes will allow the firm, led by Bitcoin bull Michael Saylor, to buy more BTC after the price of the digital asset dipped below $35,000. Just last month Bitcoin hit a record price of $63,501. 

While both numbers are above the average price MicroStrategy spent for its BTC, $24,450 per token, the declines this quarter have forced the company yesterday to take an impairment loss of $284.5 million. Thus, because Bitcoin's price dropped in late May, the company's official value has also dropped.

While investors are apparently interested in the bonds, MicroStrategy's stock price closed down 2% today. Its existing bonds—$900 million in convertible notes it sold in February for over $100, also to purchase Bitcoin—fell slightly, to $65.

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