MicroStrategy just made a big move in the cryptocurrency world. They bought another 51,780 Bitcoin for a whopping $4.6 billion in cash. This purchase is the largest in the company's history, bringing their total holdings to over 331,200 Bitcoin, worth around $30 billion.

Michael Saylor, the chairman of MicroStrategy, is really going for it. He believes Bitcoin is like “Manhattan in cyberspace.” He wants to keep buying as much as he can. Analysts are taking notice. Neil Wilson from Markets.com said, “The bulls are in charge. One day, Saylor might discover he is the market.”

On the same day, MicroStrategy announced they plan to raise an additional $1.75 billion. They’ll do this through a 0% interest bond to buy even more Bitcoin. This type of bond, known as a zero-coupon bond, doesn’t pay interest. Some people might wonder why. The answer is that MicroStrategy’s stock has been performing well enough to make this move possible. James Van Straten, an analyst, pointed out that the MSTR 2027 convertible bond has jumped by 170%. This means bond buyers aren’t asking for interest on the debt.

MicroStrategy isn’t alone in this Bitcoin buying spree. Marathon Digital, one of the biggest miners in the industry, just announced they’ll invest $700 million in Bitcoin using debt financing, similar to MicroStrategy. Additionally, Semler Scientific, a medical tech company, bought 215 Bitcoin, partly funded by selling some of its stock. Even the Japanese venture capital firm Metaplanet is getting in on the action. They issued $11 million in debt to increase their Bitcoin stash to 1,015 Bitcoin.

Many are saying the corporate race for Bitcoin is heating up. Sam Callahan, a former analyst for Swan Bitcoin, remarked, “The corporate Bitcoin race is heating up.”

Some analysts are calling MicroStrategy the corporate finance story of the decade. When Saylor announced his Bitcoin strategy back in August 2020, the company was worth $1.4 billion. Now, that number has skyrocketed to $73 billion, which is more than a 5,500% increase.

MicroStrategy’s stock, MSTR, has also soared. It currently trades at $384, reflecting a 3,200% gain since Saylor first invested in Bitcoin. This performance has outpaced every stock in the S&P 500.

Dylan LeClair, a Bitcoin analyst, noted that Saylor and MicroStrategy have changed the game. He said, “Dilution used to be the scariest thing, but shareholders now cheer every time new stock is issued.”