MicroStrategy, the Bitcoin development company, has made its largest purchase yet, snapping up 11,931 BTC worth $786 million. This brings its total Bitcoin holdings to a whopping 226,331 coins, valued at $14.7 billion. The company's latest shopping spree was funded by a successful convertible debt offering, which raised $800 million.

MicroStrategy's bet on Bitcoin is a big one, with its balance sheet almost entirely converted to BTC. The company's executive chairman, Michael Saylor, has touted MicroStrategy as a Bitcoin ETF with benefits, including leverage and no management fee. However, critics argue that the company is overvalued compared to traditional Bitcoin ETFs.

The recent purchase marks a significant milestone for MicroStrategy, which has seen its Bitcoin stack grow by 83.7% ($6.3 billion) in unrealized profits. The company's stock price has largely been tied to the price of Bitcoin, with a 1.5X volatility multiple. As the price of Bitcoin continues to fluctuate, investors are watching closely to see if MicroStrategy's bet will pay off.

With other companies, like MetaPlanet, following in its footsteps, MicroStrategy is leading the charge in using capital markets to purchase Bitcoin. The question on everyone's mind is: will this bet on Bitcoin pay off in the long run? Only time will tell, but one thing is certain - MicroStrategy is all in on Bitcoin.