After a debt sale to purchase more bitcoin, MicroStrategy's stock price has increased by 180% this year, fueling the latest rally.

• MicroStrategy announced on Monday that it had raised $782 million through a debt sale to purchase more bitcoin.
• Michael Saylor, the founder, announced on X that the company now owns 205,000 bitcoins.
• The value of the cryptocurrency stake has surpassed $15 billion as it continues to set new records.

Whenever Michael Saylor speaks about bitcoin, the stock price increases. He has been doing a lot of talking recently.

On Monday, MicroStrategy's founder announced on X that his company had purchased 12,000 bitcoins for $822 million using proceeds from convertible notes and excess cash. This brings MicroStrategy's total holdings to 205,000 bitcoins, which are now worth more than $15 billion as the cryptocurrency continues to hit new highs.

Bitcoin rose 2.7% on Wednesday, topping $73,400.

On Wednesday, MicroStrategy, a software company that serves as a proxy for, experienced a 11% increase in stock price, following a 7.4% rally on Tuesday and a 4.1% gain on Monday. The stock has surged 68% since March 6, the day the company announced a debt sale, and has skyrocketed 180% this year, after soaring 346% in 2023.

On Monday, Saylor stated on CNBC's "Squawk Box" that bitcoin will surpass gold as the preferred investment, with more institutional investors owning the digital currency as it is added to exchange-traded funds. Additionally, Saylor is optimistic about the upcoming halving process, which takes place every four years and decreases the supply of coins, reducing the amount of selling.

"In order to meet investor demand, the price of bitcoin will have to increase," Saylor predicted. "This is what will happen next for the asset class."

On Monday, MicroStrategy announced that it had completed an offering of 0.625% convertible notes due in 2030, with net proceeds of approximately $782 million. Canaccord Genuity analysts wrote in a note that day that they believe it's the first $800 million convert due in 2030 to be marketed at a coupon rate below 1% with such a high conversion premium.

"The analysts stated that while the company's BTC accumulation in the past was funded through equity, this time they utilized more of their full capital structure by issuing a convert."

MicroStrategy announced that it utilized the proceeds from selling notes to purchase more bitcoin.

MicroStrategy has purchased close to 16,000 bitcoins since the start of the year.

As of Monday, Canaccord's analysis revealed that MicroStrategy's equity value premium over its bitcoin holdings was 86%.

The equity value premium of MicroStrategy has increased to approximately 99% using Canaccord's methodology.

Since its inception in 1989, MicroStrategy has primarily focused on enterprise software and cloud-based services. However, the company's shareholder value is almost entirely tied to its bitcoin ownership. In mid-2020, MicroStrategy announced its plan to invest in bitcoin, committing $250 million over the next 12 months to "one or more alternative assets," which could include digital currencies like bitcoin.

Currently, MicroStrategy's market cap is approximately $30 billion, compared to its previous value of around $1.1 billion.

"Is there any company in the world that you wouldn't want to invest in if they could borrow $1 billion at less than 1% interest to invest in your best idea?" Saylor stated on CNBC. "Our shareholders have received more bitcoin per share this week than they did a few weeks ago, making it highly beneficial for them."

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