Although Bitcoin (BTCUSD) is still trading near its yearly low at $29,620, there are more signs the situation may be improving soon. One of the main reasons is that inflation remains unacceptably high while the main Bitcoin’s safe haven rival, gold (XAUUSD) remains depressed, and as the Fitch Ratings just announced its decision to downgrade the U.S.’s AAA credit rating to AA+, meaning some funds’ outflows are unavoidable. Where will these funds direct their assets then? One of the most likely options is Bitcoin, where newly emerging ETFs become buoyant, recognized thereby luring large institutional investors to jump in.

Thus, software developer MicroStrategy (MSTR), which has amassed massive amounts of Bitcoin (BTC) over the past few years, just announced could raise as much as $750 million by selling more of own stock, with plans to use the proceeds to buy more Bitcoins.

The announcement was made in a filing with the U.S. Securities and Exchange Commission on Tuesday evening. As a result, the price of Bitcoin reversed a decline and moved higher, crossing the $29,500 mark. As of July 31, the company owned 152,800 Bitcoins, currently worth about $4.5 billion. In a Q2 earnings results filing posted on Aug. 1, MicroStrategy reported $22.2 million in net income, a sharp turnaround from a net loss of $1.1 billion in the same period last year. Total revenues were mostly flat at $120.4 million.

“We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and working capital, and, subject to market conditions, for previously issued bonds,” MicroStrategy’s Tuesday filing said.