MicroStrategy filed a "shelf" registration with the Securities and Exchange Commission to sell as much as $1 billion in common stock for general purposes, including the purchase of more Bitcoin, the company said Monday.
As part of that effort, the business software company said earlier Monday it completed the sale of $500 million in bonds.
The move comes as Bitcoin continues on a recovery path that has seen it surge more than 13% since Sunday, topping the $40,000 mark for the first time in more than two weeks. The cryptocurrency topped $64,000 in mid-April.
MicroStrategy and CEO Michael Saylor have been big proponents of Bitcoin, making Bitcoin acquisition a second mandate for the 32-year-old company after its main business of developing software.
MicroStrategy currently holds the lead in terms of public companies that have the digital tokens on its balance sheet. As of mid-May, MicroStrategy owned 92,079 Bitcoin that it has purchased for the average price of $24,450.
While MicroStrategy is the largest Bitcoin holder of public companies, it is dwarfed by other private ones, like Grayscale and Block.one.
The Grayscale Bitcoin Trust owns 654,885 Bitcoin to back up the shares of its trust. Block.one, a private blockchain company that was behind the creation of the EOS.IO protocol, owns approximately 140,000 Bitcoin.
Shares of MicroStrategy were up 0.75% at $603. Bitcoin was down 1.09% at $40,192.