11:49 AM EDT, 03/19/2024 (MT Newswires) -- MicroStrategy ( MSTR ) said Tuesday it completed its previously announced offering of 0.875% convertible senior notes due 2031.

A total of $603.8 million of notes were sold in the offering, which includes the full exercise of initial buyers to buy up to an additional $78.8 million of notes, the company said.

MicroStrategy ( MSTR ) said it used the net proceeds of about $592.3 million from the offering to buy additional bitcoin.

The notes will mature on March 15, 2031, the company said.

Shares of the company dropped nearly 13% in recent trading.

Price: 1308.88, Change: -193.88, Percent Change: -12.90