Business software developer MicroStrategy (MSTR) has entered into sales agreements with Cowen and Company, LLC and BTIG, LLC to sell up to $500 million in stock, according to filings with the U.S. Securities and Exchange Commission (SEC) on Friday. 

The stock offering will be used for "general corporate purposes, including the acquisition of Bitcoin," the filing said.

Since 2020, MicroStrategy has purchased approximately 130,000 BTC using funds raised from stock and bond offerings.

MicroStrategy founder Michael Saylor recently stepped down as CEO to become executive chairman and focus on Bitcoin strategy.

MicroStrategy shares were down about 1.5% in after-hours trading on Friday, at $261.97 at press time, bringing their year-to-date decline to 53%.