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%MicroStrategy (NASDAQ: $MSTR ) continues to double down on its %Bitcoin (CRYPTO: $BTC ) strategy, raising another $500 million U.S. to buy even more of the largest %Cryptocurrency by market capitalization.

Now referring to itself as a “Bitcoin Development Company,” MicroStrategy has raised $500 million U.S. through a convertible debt offering, saying it plans to use the proceeds to purchase more Bitcoin.

Earlier in March, MicroStrategy, which is technically a business intelligence software firm, raised $700 million U.S. and used the proceeds to buy an additional 12,000 Bitcoin.

The company’s current holding of Bitcoin stands at 205,000 digital tokens worth just under $15 billion U.S.

The recent buys come despite Bitcoin’s price sitting at a record high of $73,000 U.S. MicroStrategy has said that its average purchase price of BTC is around $35,000 U.S.

Raising another $500 million U.S. would enable MicroStrategy to buy another 6,850 Bitcoin.

MicroStrategy chief executive officer (CEO) Michael Saylor has said he wants to accumulate as much Bitcoin as possible ahead of a halving event that’s scheduled for April 20 this year.

A halving event is when the amount of Bitcoin issued and the rewards offered to crypto miners are reduced by 50%.

The increase in its Bitcoin holdings has sent MicroStrategy’s stock sharply higher. So far in 2024, the company’s share price has risen 150% to trade at $1,688.38 U.S. per share.