Michael Saylor’s Strategy, formerly known as MicroStrategy, is facing one of its biggest tests yet has tumbled by more than 55% since the year started in the stock market, per data from Google Finance.

Strategy, the self-styled Bitcoin treasury company that until recently was known as MicroStrategy, said it acquired $1.99 billion more of the cryptocurrency with the proceeds from last week’s convertible bond sale.

At a meeting with regulators, Saylor proposed ways to reduce costs and time constraints on crypto firms, among other regulatory reforms.

Michael Saylor’s Strategy plans to offer $2 billion of convertible debt in a private offering, extending the self-styled Bitcoin treasury company’s unconventional fundraising strategy.