Their biggest backers include an unlikely group of insurance companies, mutual funds and other usually conservative bond investors. The software company turned itself into a bitcoin whale and now owns some $48 billion of the cryptocurrency.

Michael Saylor’s MicroStrategy, a business-intelligence software company turned Bitcoin behemoth, has placed an enormous bet on cryptocurrency. The company owns approximately $48 billion worth of Bitcoin,

MicroStrategy may face federal income tax obligations on its significant unrealized gains, which currently exceed $19.3 billion.

MicroStrategy’s $47B Bitcoin holdings face tax risks as U.S. laws evolve, introducing a 15% levy on unrealized gains.