As crypto traders wait for Bitcoin to hit the $100,000 mark, they may also want to consider a company with nearly 400,000 tokens.

MicroStrategy (MSTR) rode on Bitcoin (BTC-USD), for better or worse, after co-founder and executive chairman Michael Saylor tied the software company’s fortunes to cryptocurrency in 2020.

Lately, his bet has proven extremely lucrative. Year to date, MicroStrategy stock is up 513%, even after shares hit a post-election high that briefly sent them up nearly 700%.

Either way, that’s far greater than Bitcoin’s roughly 117% gain in 2024. In fact, MicroStrategy’s market cap of $87 billion is more than double the value of its holdings of $386,700. Bitcoins, worth $37.6 billion at current prices (and largely purchased at a fraction of the going rate).

In a recent interview with the The Wall Street JournalSaylor explained why there is such a big gap between MicroStrategy stock and Bitcoin.

“MicroStrategy has found a way to outperform Bitcoin,” he said. “The way we outperform Bitcoin, in essence, is to simply mine Bitcoin.”

The company has been an aggressive buyer of Bitcoin and has not hesitated to raise new funds via equity or debt to purchase even more. Last month he increased an offering of convertible notes to add to its purchasing firepower.

It’s part of a bold plan to raise $42 billion through stock and bond offerings over three years to continue buying Bitcoin, according to the Newspaper.

There are of course skeptics. Last month, Citron Research said it was bullish on Bitcoin, but was bypass MicroStrategy even though he complimented Saylor for his “visionary” strategy.

“Much respect for @saylor, but even he must know that $MSTR is overheated,” Citron posted on X.

But no matter what MicroStrategy or Bitcoin does, Saylor embraces volatility and isn’t afraid to take risk. Even before the Bitcoin boom, he has already lost 6 billion dollars in a single day during the dot-com crisis.

And while recalling how he developed his Bitcoin strategy in 2020, Saylor told the Newspaper that “It was either a quick death or a slow death, or take a risk, do something outside the box.”

This story was originally featured on Fortune.com