MicroStrategy (MSTR), a leading business intelligence company, announced on Friday that it has raised $ 650 million in convertible bonds to increase Bitcoin (BTC) purchases, underlining CEO Michael Saylor’s belief in the flagship digital asset.

Company confirmed Friday it had sold $ 650 million worth of convertible senior notes at a rate of 0.750% due 2025. The interest rate is payable semi-annually on June 15 and December 15, beginning in 2021.

According to the press release:

“MicroStrategy plans to invest the net proceeds from the sale of the notes in bitcoin in accordance with the Treasury Reserve policy pending identification of working capital needs and other general corporate purposes.”

The securities are issued under Rule 144A of the Securities Act of 1933 and will be available only to institutional investors.

The raise was completed just days after the company first announced plans to use bond proceeds to acquire more Bitcoin. As Cointelegraph previously reported, MicroStrategy initially aimed for a $ 400 million increase. For $ 650 million, the company can purchase more than 36,300 BTC at current prices.

MicroStrategy shocked the world earlier this year when it announced it would convert most of its balance sheet to Bitcoin. At the time CEO Michael Saylor said his company sat on a “$ 500 million melting ice cube” in cash.

The company currently sits at 40,824 BTC, worth over $ 734 million. Which represents a profit of nearly $ 260 million on the base purchase price.

Wall Street analysts are concerned that MicroStrategy has become overexposed in Bitcoin, whose decade of volatility has kept many institutional investors on the sidelines until recently. Citbank recently downgraded MSTR to ‘sell’ from ‘neutral’ because of its “disproportionate” BTC focus.

MicroStrategy may be the largest Bitcoin holder of businesses, but it’s not the only one. Thursday, Massachusetts-based insurance company MassMutual announced it had purchased $ 100 million in BTC for its general investment account, making it one of the largest business holders. Publicly traded companies such as Galaxy Digital (GLXY), Square (SQ) and Hut 8 Mining Corp (Hut-8) have invested between $ 36 million and $ 134 million in Bitcoin. Every business is now making significant profits.