MicroStrategy is taking advantage of its surging stock price to sell a $1.75 billion issue of convertible bonds and plans to use the proceeds to buy additional Bitcoin. After the close of trading Monday,

The company is setting a trend for others to follow, and many are already taking note of its aggressive buying strategy.

MicroStrategy Inc. bought about 51,780 Bitcoin for around $4.6 billion, the largest purchase by the crypto hedge-fund proxy since it began acquiring the digital-asset more than four years ago.