MicroStrategy increases note sale to $2.6B for Bitcoin

MicroStrategy has announced an increase in its upcoming convertible note sale to $2.6 billion, up from the initially planned $1.75 billion, to fund additional Bitcoin (CRYPTO:BTC) purchases.

This move underscores the company's bullish outlook on Bitcoin’s potential to surpass $100,000.

According to a November 20 statement, the offering targets "qualified institutional buyers" and carries a 0% interest rate.

The transaction is expected to close on November 21, subject to customary conditions.

MicroStrategy, the largest corporate Bitcoin holder, estimates that the sale could raise $2.58 billion, potentially reaching $2.97 billion if buyers exercise an option for additional notes.

The proceeds will be used for Bitcoin acquisitions and general corporate purposes.

The announcement comes as Bitcoin is trading at $93,970 as of 1:30 pm UTC, reflecting a 37% increase over the past month.

Analysts are optimistic about Bitcoin's trajectory.

"If history repeats itself and Bitcoin prices grow as projected, a 14.7% rise from the current price level will push the coin well above the $100,000 target for the month," stated Ryan Lee, chief analyst at Bitget Research. 

Bitcoin exchange-traded funds (ETFs) are also driving the rally.

On November 19, US spot Bitcoin ETFs recorded $816 million in net inflows, with cumulative inflows exceeding $1.67 billion during the week of November 11–15, according to Farside Investors.

MicroStrategy’s decision to increase its note sale reflects growing institutional interest and positive sentiment in the market.

At the time of reporting, the Bitcoin (BTC) price was $96,424.04.