Their biggest backers include an unlikely group of insurance companies, mutual funds and other usually conservative bond investors.The software company turned itself into a bitcoin whale and now owns some $48 billion of the cryptocurrency.

Key Takeaways MicroStrategy has purchased another $1.1 billion worth of bitcoin for its treasury, which brings its total holdings to 461,000 bitcoin.This is the eleventh week in a row MicroStrategy has announced a bitcoin purchase.

MicroStrategy Inc. bought $1.1 billion of Bitcoin, as the company gears up for a shareholder vote on a 30 times increase its authorized Class A shares.