Their biggest backers include an unlikely group of insurance companies, mutual funds and other usually conservative bond investors. The software company turned itself into a bitcoin whale and now owns some $48 billion of the cryptocurrency.

MicroStrategy Inc. bought $1.1 billion of Bitcoin, as the company gears up for a shareholder vote on a 30 times increase its authorized Class A shares.

MicroStrategy added to its bitcoin stash for the 11th week in a row, as the company's investors get ready to vote on increasing its Class A and preferred stock and enhancing its ability to buy more bitcoin.

MicroStrategy shares closed down Wednesday, due to a decline in Bitcoin's price, which dropped 1.73% to $104,313.65.

MicroStrategy Inc. shareholders voted for a 30 times increase to the number of authorized Class A common shares to help finance the company’s Bitcoin buying.

Shareholders of MicroStrategy (MSTR) gave the company the go-ahead to boost its number of authorized class A common shares by 30-fold to finance purchases of bitcoin.

MicroStrategy, led by Michael Saylor, has announced its latest Bitcoin purchase, marking its third acquisition of the year.

MicroStrategy—which almost exclusively focuses on securitizing Bitcoin—last year announced a “21/21 Plan” to raise $46 billion to buy even more Bitcoin. The plan would see the firm raise $21 billion via equity, with another $21 billion coming by selling fixed income securities.