In 2013, Michael Saylor, co-founder of cybersecurity firm Microstrategy, thought Bitcoin was destined for failure. He soon had a change of heart—so much so that he changed his company’s entire business strategy, basing it around Bitcoin investment. That decision would prove to be one of the most successful gambles in all of corporate America, catapulting Microstrategy into the list of the top 100 publicly traded U.S. companies by market cap.

In the last month, Microstrategy has surpassed dozens of other companies, including Nike and Dell and, as of Wednesday, it sat at number 88 on the list with a market cap well over $100 billion.

The Virginia-based software company announced this week it plans to buy more Bitcoin, even as the digital asset reaches new all-time highs.

Saylor says he changed his tune on Bitcoin in 2020, after going “down a rabbit hole” during the pandemic and regrets not investing sooner. Since the company’s initial $250 million investment, it has amassed 331,200 Bitcoin, worth over $30 billion.

Saylor’s all-in bet on Bitcoin has turned Microstrategy into a proxy for the cryptocurrency and, amid the crypto market’s latest bull run, the company’s stock has been on a tear—even after it announced a purchase of 51,780 Bitcoin on Monday. After starting the year around $65, MSTR shares are now trading just under $500.

Since the night of the election, which will usher a pro-crypto Trump and Republican Congress into power, Bitcoin has hit a new all-time high every few days. On Wednesday, it broke through $94,000 for the first time.

Microstrategy’s latest Bitcoin buy came after two large purchases in September, and the purchase of 27,000 Bitcoin between Oct. 31 and Nov. 10, as the company accelerates the pace of its purchases.

Microstrategy has made it clear that it intends to stay on this Bitcoin buying course. While the company has previously used cash to make the purchases, it is now turning to institutional investors to raise funds.

As part of this strategy, Microstrategy announced it would offer $1.75 billion of convertible senior notes — a debt security that can be converted into equity at a predetermined date— to qualified institutional buyers. The pricing was later upsized to $2.6 billion, with the company stating that it would use the proceeds to “acquire additional bitcoin and for general corporate purposes.”

Since 2020, the company has invested about $16.5 billion in Bitcoin, acquiring most its supply at just a fraction of its current value.

Microstrategy’s success has led other companies to consider investing in Bitcoin as well. Next month, Microsoft’s shareholders will vote on a proposal to diversify their assets by investing in Bitcoin.

This story was originally featured on Fortune.com