MicroStrategy — the publicly traded company best known for holding bitcoin on its balance sheet – has reportedly attracted more than $1.6 billion worth of orders for its latest deal to purchase bitcoin. 

As previously reported by The Block, the firm said it would raise $400 million to buy bitcoin through a debt offering of senior secured notes. The net proceeds of the offering would buy bitcoin. The firm upped the amount it would raise to $500 million. 

According to Bloomberg, the company has been inundated with demand for orders, “including interest from a large number of hedge funds.”

The deal would offer such funds a yield slightly above 6%. Junk bonds are known for offering higher yields (and a higher risk of default). Jefferies, the investment bank, is conducting the offering.

MicroStrategy officially announced its offering in a statement Tuesday, saying “the pricing of its offering of $500 million aggregate principal amount of senior secured notes due 2028 (the “notes”), which will bear interest at an annual rate of 6.125%.”

“MicroStrategy estimates that the net proceeds from the sale of the notes and the related guarantees will be approximately $488 million, after deducting initial purchaser discounts and commissions and estimated offering expenses payable by MicroStrategy. MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin,” the firm said.

In total, MicroStrategy has accumulated more than 92,000 bitcoin, according to data from The Block.