Germany’s largest insurance company Allianz has made a significant investment in MicroStrategy’s recent $2.6 billion convertible note offering, acquiring 24.75% of the bonds.

Data on the investment was shared by pseudonymous analyst Petruschki, who added a screenshot from the Bloomberg Terminal on a post on the microblogging platform X (formerly known as Twitter) showing Allianz’s purchase.

The data shows that the investment was made across four of Allianz’s sub-organizations, including Allianz Global Investors Luxembourg, Allianz Global Investors of America, Nicholas Applegate Capital Management, and Allianz Global Investors GMBH.

The investment could influence the ongoing cryptocurrency market rally, as MicroStrategy plans to use the proceeds from the debt issuance to buy more BTC and for “general corporate purposes.”

The Nasdaq-listed business intelligence firm has been steadily accumulating Bitcoin since early 2020, and has now amassed a staggering 331,200 BTC worth over $30 billion. The company invested a total of $16.5 billion in the flagship cryptocurrency.

Bitcoin’s price rally has helped the price of MicroStrategy’s stock surge, to the point the company was worth over $100 billion ahead of a recent drawdown. To prominent short-seller Citron Research, the company’s stock price is overvalued.

Citron Research’s position marks a dramatic reversal from their late 2020 stance, when they recommended MicroStrategy with a $700 price target. While acknowledging CEO Michael Saylor’s “visionary Bitcoin strategy,” they now argue that the widespread availability of Bitcoin investment options through spot ETFs, Coinbase, and Robinhood has disconnected MicroStrategy’s trading volume from Bitcoin’s fundamentals.

Despite maintaining their bullish outlook on Bitcoin itself, Citron has chosen to hedge with a short position in MicroStrategy’s stock, suggesting the remarkable rally might be overextended.