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MicroStrategy said Friday that it completed a $1.05 billion debt offering, the proceeds of which will be used to add to its ever-growing bitcoin hoard.

The announcement comes days after MicroStrategy revealed its latest debt offering plans, as previously reported. The publicly-traded firm has been steadily acquiring bitcoin since last August as part of its treasury management strategy. 

The notes offered to investors carry a 0% coupon and 50% conversion premium, as noted in the firm’s release, which explains:

“The aggregate principal amount of the notes sold in the offering was $1.05 billion, which includes $150 million aggregate principal amount of notes issued pursuant to an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, which the initial purchasers exercised in full on February 18, 2021 and which additional purchase was also completed today. The notes were sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).”

“MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy,” the firm went on to say. “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.”

According to data collected by The Block Research, MicroStrategy’s current bitcoin holdings stand at just over 71,000 BTC — an amount worth about $3.8 billion.

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