Business Intelligent company MicroStrategy has announced that it intends to sell $600 million worth of its convertible senior notes and then use the proceeds to acquire more Bitcoin.

According to a statement on the company’s website, the notes will be offered and sold in a private offering to qualified institutional buyers, after which the company will “use the net proceeds from the sale of the notes to acquire additional bitcoins.”

Amidst this announcement, Bitcoin broke the $50k ceiling, setting a new all-time high record of $50,001.35.

The price of Bitcoin went up after Elon Musk’s electric car manufacturing company Tesla announced a $1.5 billion investment in Bitcoin last week Monday. The cryptocurrency gained almost $4000 following the announcement to cross $40k mark and has since maintained it until today.

The current price of bitcoin is $49,163.01, climbing up by 2.57% in the last 24 hours. Bitcoin has a current market cap of $915.90B and market volume of $61.16B. In the last 24 hours, bitcoin has dropped to $47,088.84 and experienced a $50,584.85 high.  Currently, 18,630,312.5 bitcoins are in circulation.

Stats and Image from Coin Desk

MicroStrategy which spearheaded institutional investment in Bitcoin has been purchasing the crypto since last year August when it declared that Bitcoin is a better store of value than gold.

Its latest purchase was on the 2nd of February. The CEO of Micro Strategy Michael Saylor announced that the company has bought 295 Bitcoins worth $10 million at an average price of $33,808 per Bitcoin.

The company has gone ahead to purchase 71,079 BTC, which is now worth $3.5 billion at the current price.