MicroStrategy Inc. MSTR rose by 8.45% during trading hours on Thursday Bitcoin BTC/USD It was approaching the $98,000 mark, according to Benzinga Pro.

The company also announced Wednesday that it would increase its offering of convertible senior notes from $1.75 billion to $2.6 billion.

The 0% convertible senior notes mature in 2029 and will be offered to qualified institutional buyers under Rule 144A under the Securities Act, together with certain non-U.S. persons, in accordance with Regulation S. The initial conversion price is set at $672.40 per share with a premium of 55% compared to the closing price of November 19.

MicroStrategy expects to raise $2.58 billion in net proceeds, which will be used to acquire additional Bitcoin along with general purposes.

The offer will close on November 21, subject to customary closing conditions.

Led by Michael Saylorthe company focused its strategy on Bitcoin in 2020 and has been counting on the cryptocurrency’s gains since then. Recently, Bitcoin’s market cap reached $96.73 billion right after Bitcoin crossed the $94,000 mark, surpassing the combined market cap of two of the world’s largest gold mining companies.

At Wednesday’s close, MSTR’s market cap reached $96.02 billion, up 108% from its valuation on November 4, following the crypto rally fueled by Donald Trump‘s victory.

Bitcoin’s recent rally followed reports of a specific cryptocurrency role in the Trump administration, which would act as a bridge between the White House, Congress and regulatory agencies such as the SEC and CFTC.

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