Bernstein said MicroStrategy, a pioneer in bitcoin capital markets, has raised $4 billion of convertible debt to buy bitcoin, and analysts Gautam Chhugani and Mahika Sapra said MicroStrategy is the only company to generate institutional demand for bitcoin-linked convertible bonds. Bernstein pointed out that MicroStrategy has not sold any bitcoin since it began buying cryptocurrencies in 2020, and expects the company to continue to raise funds to increase its bitcoin reserves.