MSTR borrowing to buy more Bitcoin...even as it takes $285M loss because of Bitcoin

MicroStrategy (MSTR) said Monday that it plans to borrow up to $400 million, with the cash earmarked for the purchase of more Bitcoin (BTC-USD).The announcement comes even as the company disclosed that it will take an impairment charge of nearly $285 million in its second quarter. The loss comes as a result of fluctuations in the price of Bitcoin.MicroStrategy's co-founder and CEO Michael Saylor is a vocal proponent of Bitcoin. He appeared last week at a conference focused on the high-profile cryptocurrency.The company said it expects to offer $400 million aggregate principal amount of senior secured notes due 2028."MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins," the company said in a press release.In an 8-K filing with the SEC, MicroStrategy stated that it will take an impairment loss of "at least $284.5 million" related to "fluctuations in market price of bitcoin."