MicroStrategy upsizes its debt offering to more than $1 billion in order to buy more bitcoin

• MicroStrategy has increased its convertible debt offering to about $1 billion from $600 million as it seeks to buy more bitcoin.
• MicroStrategy owns nearly 71,000 bitcoin since its first purchase last summer, now worth more than $3 billion.
• Bitcoin surged to more than $51,700 on Wednesday as investors continue to buy into the cryptocurrency.
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MicroStrategy is continuing to feed its bitcoin buying binge with even more cash than originally planned.

The software technology company has increased the size of its convertible debt offering, first announced on Tuesday, to about $1 billion from $600 million.

According to an SEC filing, MicroStrategy's debt offering is now $900 million, with an option for the offering to be upsized by an additional $150 million if demand from investors materializes.

The company intends to use all of the proceeds to add more bitcoin to its balance sheet. MicroStrategy is the first corporation to invest in bitcoin, as its CEO, Michael Saylor, sought to hedge against a potential devaluation in the US dollar.

Heavy hitters like Square and Tesla have followed its lead in recent months.

Square purchased $50 million worth of bitcoin in October, and Tesla acquired $1.5 billion worth of the cryptocurrency in January, with plans to accept it as a form of payment for its products in the near future.

MicroStrategy owns 70,784 bitcoin at an average price of $16,035 per bitcoin. The stake was worth $3.7 billion after bitcoin hit a high of $51,721 in Wednesday trades.

This isn't the first time MicroStrategy has raised money for the sole purpose of buying more bitcoin. In December, the firm raised $400 million to add to its bitcoin holdings. The bet has made CEO Michael Saylor a billionaire based on his 2.4 million share stake in the company.

Shares of MicroStrategy fell as much as 6% in Wednesday trades.