Nasdaq-listed MicroStrategy said Monday that it plans to raise $400 million via senior secured notes — a type of debt offering — and use the net proceeds of that offering to buy more bitcoin.

MicroStrategy today has also announced two new entities — MicroStrategy Services Corporation and MacroStrategy LLC.

MicroStrategy Services Corporation will guarantee the new notes and secure them with the bitcoin that it would acquire.

“The notes will be fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation, a wholly-owned subsidiary of MicroStrategy, and certain subsidiaries of MicroStrategy that may be formed or acquired after the closing of the offering,” said MicroStrategy.

“The notes and the related guarantees will be secured, on a senior secured basis with MicroStrategy’s existing and future senior indebtedness, by security interests on substantially all of MicroStrategy’s and the guarantors’ assets, including any bitcoins or other digital assets acquired on or after the closing of the offering, but excluding MicroStrategy’s existing bitcoins as well as bitcoins and digital assets acquired with the proceeds from existing bitcoins.”

The company’s existing 92,079 bitcoin, worth about $3.4 billion, on the other hand, will be held by MacroStrategy LLC.

This is a developing story and will be updated…