Strategy, formerly known as MicroStrategy, said it plans to sell $2 billion of bonds that convert into stock.

The convertible-debt offering is part of Strategy's audacious plan to raise $42 billion through 2027 to purchase bitcoins. It is also the company's first convertible-bond sale this year.

Last year alone, Strategy issued $6.2 billion of convertible debt-the most ever issued by a single company in a calendar year, according to Bank of America.

The bonds will mature in March 2030, and pay no interest. They will be unsecured, senior obligations, meaning they aren't backed by collateral but rank above junior debts and equity in the queue for repayment.

The software company turned itself into a bitcoin whale and now owns about $46 billion of the cryptocurrency. Shares of Strategy are up 15% this year.