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MicroStrategy Boosts Bitcoin-Linked Junk Bond to $500 Million

June 8, 2021, 9:11 PM

MicroStrategy Inc. boosted the size of a junk-bond sale to fund the purchase of more Bitcoin, selling $500 million of notes on Tuesday that were the first of their kind in the high-yield market.

The company received about $1.6 billion in orders for the offering, including interest from a large number of hedge funds, according to people with knowledge of the marketing process, who asked not to be identified discussing a private transaction. The strong interest comes amid a tumble in the value of Bitcoin.

The company, with Michael Saylor at its helm, emerged as one of the most ...