MicroStrategy Inc ( MSTR ) shares are trading lower Tuesday after the company announced a proposed private offering of convertible senior notes.

What Happened: MicroStrategy ( MSTR ) announced after the market close on Monday that it intends to offer $600 million worth of convertible senior notes due 2030 in a private offering to qualified institutional buyers. The company plans to grant the initial purchasers a 13-day window to buy an additional $90 million worth of the notes.

MicroStrategy ( MSTR ) said it intends to use the net proceeds from the sale of the notes to buy more Bitcoin, as well as for general corporate purposes.

The offering comes after MicroStrategy ( MSTR ) shares surged more than 23% during Monday’s regular session and closed at its highest levels since March 2000. MicroStrategy ( MSTR ) shares have been benefiting from rising Bitcoin prices and have climbed 111% year-to-date. Bitcoin is up approximately 57% over the last month and is knocking on the door of all-time highs.

MicroStrategy ( MSTR ) is a business intelligence, mobile software and cloud-based services company, focused on accumulating Bitcoin. Last week, the company said it bought an additional 3,000 Bitcoin in February. MicroStrategy ( MSTR ) held 193,000 Bitcoin as of Feb. 25.

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MSTR Price Action: MicroStrategy ( MSTR ) shares were down 3.31% at $1,289.80 at the time of publication,, according to Benzinga Pro.