MicroStrategy (NASDAQ:MSTR) just made wavesagain. The company dropped a cool $561 million to scoop up another 5,262 BTC, pushing its total Bitcoin (BTC-USD) stash to a jaw-dropping 444,262 coins. This latest purchase, at an average price of $106,622 per Bitcoin, coincides with MicroStrategy’s debut in the Nasdaq 100, cementing its place among heavyweights like Tesla (TSLA) and Apple (AAPL). It’s a bold, some might say audacious, strategy that has sent its stock soaring over 400% this year, outpacing Bitcoin itself.

• Warning! GuruFocus has detected 6 Warning Signs with MSTR.

Analysts are split. Bulls love the aggressive playbookleveraging share sales and zero-coupon debt to pile into Bitcoin, betting on its long-term appreciation. Bernstein just bumped its price target on MicroStrategy to $600, framing the company as the ultimate leveraged bet on Bitcoin’s rise. But skeptics? They’re waving red flags. Critics point to Bitcoin’s volatility and the risk that MicroStrategy’s high-wire act could come crashing down if crypto prices stumble. Still, Michael Saylor, the mastermind behind it all, isn’t flinching. He’s doubling down on Bitcoin as the company’s cornerstone strategy, calling it a move that could outpace traditional investments.

So, what’s next? With Bitcoin now above $100,000 and MicroStrategy sitting on over 2% of the total supply, the stakes couldn’t be higher. This isn’t just a stock story; it’s a high-stakes gamble that ties the company’s future to the fate of the world’s most famous cryptocurrency. Will MicroStrategy’s bold bet keep paying off, or is the bubble about to burst? Investors better buckle upit’s going to be a wild ride.

This article first appeared on GuruFocus.