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.

MicroStrategy—which almost exclusively focuses on securitizing Bitcoin—last year announced a “21/21 Plan” to raise $46 billion to buy even more Bitcoin. The plan would see the firm raise $21 billion via equity, with another $21 billion coming by selling fixed income securities.

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.