MicroStrategy Inc. (NASDAQ:MSTR) was up by 8.45% during pre-market hours on Thursday as Bitcoin (CRYPTO: BTC)  approached $98,000 mark, according to Benzinga Pro.

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

The 0% convertible senior notes are due 2029 and will be offered to qualified institutional buyers under Rule 144A of the Securities Act along with a few non-U.S. persons in compliance with Regulation S. The initial conversion price has been set at $672.40 per share with a 55% premium over the Nov.19 closing price.

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

The offering is set to close on Nov. 21, pending customary conditions.

Led by Michael Saylor, the company pivoted its strategy towards Bitcoin in 2020 and has since been banking on the surges in the cryptocurrency. Recently, its market capitalization 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.

As of Wednesday's close, MSTR's market cap reached $96.02 billion, marking a 108% increase compared to its valuation on Nov. 4, following the crypto rally spurred by Donald Trump's victory.

Bitcoin's recent rally followed reports of a dedicated cryptocurrency role in Trump's administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.