MicroStrategy Inc. has become a focal point on Wall Street due to a significant increase in its stock price this year.

The company's acquisition of Bitcoin is primarily funded by retail investors, with hedge funds also contributing a substantial amount of capital.

Calamos Advisors LLC, led by co-Chief Investment Officer Eli Pars, has played a key role in this regard, purchasing over $6 billion in convertible notes issued by MicroStrategy to support its cryptocurrency investments.

Hedge fund managers are utilizing these convertible notes for market-neutral arbitrage strategies, taking advantage of the increased volatility of the underlying assets.

This trend reflects the growing interest of institutional investors in MicroStrategy's approach to Bitcoin, as they aim to leverage the company's financial maneuvers in the cryptocurrency market.