MicroStrategy, led by Michael Saylor, disclosed in an SEC filing that it has raised $46.6 million through the sale of shares since September 2022, when it entered into an agreement with underwriter Cowen and Co.for the sale of up to $500 million in common stock.

The company has updated its “use of proceeds” statement to include possible repayment of debts, such as its term loan with Silvergate Bank, which was taken out for $205 million in March 2022 and has become more expensive as the U.S. Federal Reserve has increased short-term interest rates, the company said in an SEC filing on Feb. 17.

The Silvergate loan has a prepayment penalty, which drops by half to 0.25% in March 2023 and matures in March 2025.