(Reuters) -MicroStrategy has opted to lift capital via convertible bonds providing for the second time in lower than 10 days to additional improve its publicity to booming bitcoin.The software program agency mentioned after markets closed on Wednesday that it was providing $500 million in convertible notes due in 2031 to institutional buyers. The corporate had introduced a $600 million non-public providing in convertible notes on March 5.Its shares dropped 8% on Thursday, after hitting a 24-year excessive within the earlier session. The inventory has surged practically threefold to date in 2024.Bitcoin hit a contemporary document excessive at $73,803, taking its year-to-date beneficial properties to just about 70%.The Tysons, Virginia-based agency joined a slew of firms providing convertible bonds in a excessive rate of interest atmosphere.”MicroStrategy is now single handedly making it clear there’s nothing restrictive in regards to the (financial) coverage atmosphere,” mentioned Michael O’Rourke, chief market strategist at JonesTrading.”Since late 2020, the corporate has come to market with convertible choices and to a lesser extent at-the-market inventory choices for the precise function of investing the proceeds in bitcoin. It seems it’s now changing into a weekly occasion.”Convertible notes, which will be exchanged for shares when the inventory hits a predetermined degree, supply firms an possibility to lift capital at decrease rates of interest than common bonds with out the chance of instantly diluting shareholders like inventory choices do.MicroStrategy, which started shopping for and holding bitcoins in 2020, is the most important company holder of the cryptocurrency as income from its software program enterprise eased in 2022 and 2023.The corporate purchased 15,000 bitcoins since Feb. 15, taking its whole holdings to 205,000 as of March 10.(Reporting by Medha Singh in Bengaluru; Enhancing by Shilpi Majumdar)