It’s been a wild ride lately for Michael Saylor, executive chairman of MicroStrategy, once a software company but now really a leveraged play on Bitcoin. The numbers are mind-boggling. Shares of MicroStrategy have soared 459% year to date (versus 26% for the S&P 500),

How can Microstrategy borrow billions at 0% to continue buying bitcoin and what does this reveal about market players’ expectations.

Key Takeaways MicroStrategy shares continued to move higher along with the price of bitcoin, which traded at more than $98,000 Friday morning.The business intelligence services provider is the largest corporate holder of bitcoin,