Has there ever been a capital markets spectacle quite like MicroStrategy? In the last month alone, the bitcoin-buying juggernaut has announced plans to raise a staggering $42bn in equity and debt while buying $10.2bn worth of bitcoin.

On top of that, the company this month placed its fifth convertible bond issue of the year, this time raising $3bn with the jaw-dropping terms of a zero interest rate and a price to convert the debt into equity that is a 55 per cent premium to the current share price.

Technical reasons might explain part of this, with traders seeking to exploit the volatility in the underlying shares. But in effect, people are lending MicroStrategy money at no cost to the company in the hope the shares rise above the conversion price. This is despite the fact they could buy shares from the market. If that all sounds like things are getting out hand, its shareholders are not yet showing much caution. The stock has risen more than 450 per cent this year, and its market cap has rocketed to $90bn. Not too shabby for a company whose legacy software business is bleeding cash and shrinking by the quarter.