MicroStrategy Inc. is raising cash to fund its purchase of more bitcoin, the company said Tuesday.

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The Tyson Corner, Virginia-based enterprise software provider is planning to use the proceeds of a $600 million convertible bond sale to increase its bitcoin holdings. The notes are scheduled to mature on Feb. 15, 2027.

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MicroStrategy in December purchased 70,470 bitcoins for $1.125 billion. That investment’s value had swelled to more than $3.5 billion Tuesday morning as the cryptocurrency’s value topped $50,000 a coin for the first time.

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CEO Michael Saylor late last year said the company’s “proactive management” of its balance sheet was one of the significant factors in the appreciation of its share price.

MicroStrategy shares rallied 172% last year. They had gained 166% this year through Friday while the S&P 500 was higher by 4.76%.

Bitcoin has been gaining wider acceptance in recent weeks as Tesla Inc. earlier this month announced it had invested $1.5 billion in the cryptocurrency.

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Days later, Mastercard Inc. said it would allow merchants to accept payments in cryptocurrency and the country’s oldest bank, Bank of New York Mellon, revealed plans to offer bitcoin services.

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