11:45 AM EST, 03/06/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

MicroStrategy's ( MSTR ) shares were up nearly 16% in recent Wednesday trading after the company priced an upsized offering of convertible senior notes.

The company said Wednesday it has priced a private offering of $700 million of 0.625% convertible senior notes that mature in 2030.

MicroStrategy ( MSTR ) has also granted a 13-day option for initial buyers to buy up to an additional $100 million total principal amount of the notes.

The offering, which is slated to be completed on Friday, represents an upsize from the earlier stated offering of $600 million of notes.

The company said it plans to use the net proceeds to buy additional bitcoin and for general corporate purposes.

Price: 1230.43, Change: +179.42, Percent Change: +17.07