MicroStrategy is on its second fundraising ploy this month to buy more Bitcoin

The firm only just completed a $800 million raise earlier this week which was used to scoop up another 12,000 Bitcoin.

MicroStrategy and its executive chairman Michael Saylor are showing no signs of slowing down their Bitcoin (BTC) buying spree — launching a new proposed offering of $500 million of convertible notes “to acquire additional Bitcoin.”

The business intelligence turned “Bitcoin development” firm announced its latest fundraiser on March 13, which will again come in the form of a private senior convertible notes offering. Some of it could also be used for general corporate purposes. 

MicroStrategy, the largest corporate holder of Bitcoin, has now made $1.3 billion worth of offerings over the last two weeks, including a now-completed $800 million senior convertible note offering earlier this week.

That raise was initially announced as a $600 million offering. However, that figure was then bumped to $700 million in addition to a $100 million aggregate principal amount that can be exercised subject to specific terms.

Proceeds were used to add another 12,000 BTC to MicroStrategy’s Bitcoin treasury reserve.

Its current stack of 205,000 BTC is worth $15 billion, with the firm up $8.1 billion or 117% on its investment.

MicroStrategy is only 5,000 Bitcoin away from holding at least 1% of Bitcoin’s theoretical maximum supply. Based on current prices, the $500 million could buy 6,850 Bitcoin.

MicroStrategy’s senior convertible notes — debt securities that can later be converted into equity-like stock — will accrue interest semi-annually and will mature on March 15, 2031, unless earlier repurchased, redeemed or converted in accordance with their terms.

Related: Crypto Biz: MicroStrategy doubles down on Bitcoin, Ether ETFs delayed, and more

The notes can be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of both.

MicroStrategy’s (MSTR) stock continues to rally, increasing 10.85% to $1,766 on March 13, according to Google Finance. It is now up 254% since Feb. 6 and has been one of the strongest performers on the Nasdaq this year.

MSTR’s rising stock price has been boosted by Bitcoin’s recent rally, which has seen it increase 46.1% over the last month to $73,050 at the time of publication, according to CoinGecko.