Allianz buys Bitcoin bonds from MicroStrategy

Germany's largest insurer, Allianz, has bought bonds of MicroStrategy, the company of founder Michael Saylor. The proceeds will be invested in Bitcoin by the software company.

According to data from the Bloomberg Terminal Allianz made the $2.6 billion investment through four subsidiaries, including Allianz Global Investors Luxembourg.

The bonds can be converted into shares, allowing investors to benefit from an increase in the company's value. At MicroStrategy, that value depends largely on the price of Bitcoin, the largest cryptocurrency.

With this revenue, MicroStrategy continues to buy Bitcoin. The company has announced plans to invest $42 billion in BTC over the next three years. Currently, MicroStrategy owns 331,200 BTC, making it the company with the largest Bitcoin reserves in the world.

MicroStrategy shares are currently outperforming not only most companies, but even Bitcoin itself. The stock is now the most traded on the U.S. market.