MicroStrategy Inc (NASDAQ:MSTR) shares are trading higher Wednesday after the company announced the pricing of an upsized offering.

What Happened: MicroStrategy announced another planned offering after the market close on Monday. The company priced the upsized offering Wednesday morning.

MicroStrategy said it will offer $2.6 billion (up from $1.75 billion) worth of its 0% convertible senior notes due 2029 in a private offering to qualified institutional buyers. MicroStrategy also granted the initial purchasers a three-day option period to purchase up to an additional $400 million of the notes.

The offering is expected to close on Thursday. MicroStrategy anticipates approximately $2.58 billion in proceeds from the sale. The company said it plans to use the net proceeds to buy more Bitcoin (CRYPTO: BTC).

As of Nov. 17, MicroStrategy held a total of 331,200 Bitcoin purchased at an average price of approximately $49,874 per coin after the company acquired approximately 51,780 Bitcoin between Nov. 11 and Nov. 17 for $4.6 billion in cash.

MicroStrategy and several other crypto-related stocks are also moving higher Wednesday as Bitcoin hits new all-time highs. Bitcoin was up about 2.4% over a 24-hour period, trading around $94,350 at the time of writing.

Check This Out: Robinhood Positioned As Top ‘Crypto Deregulation’ Trade, Says Bernstein

MSTR Price Action: MicroStrategy shares were up 9.4% at $471.00 at the time of publication, according to Benzinga Pro.

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