While MicroStrategy's legacy software operations remain intact, its financial core has shifted decisively toward Bitcoin.

If bitcoin goes to the moon, a niche group of convertible-bond investors will win out. If the crypto tanks, they can ask for their money back early.

Bitcoin (CRYPTO:BTC) prices briefly dipped below $90,000 early on Monday, its lowest level in two months, as the likelihood of further cuts in interest rates by the Federal Reserve in 2025 roiled assets everywhere.

Bitwise said Bitcoin buying by companies like MicroStrategy is an "overlooked megatrend." Find out how it could impact the market.

Shares of MicroStrategy Inc. slumped again on Monday, after the software company and cryptocurrency play disclosed that it resumed bitcoin purchases at prices well above current levels. The company continued to lean on shareholders to fund the purchases, as it used the $243 million raised through the sale of common stock.

MicroStrategy Inc. bought $101 million of Bitcoin after announcing that it would use perpetual preferred stock as well as common shares and debt to acquire more of the cryptocurrency.