Shares in MicroStrategy, the largest corporate holder of bitcoin, initially jumped and then fell Monday after the software company said it had bought $5.4 billion of the cryptocurrency.

In an 8-K filing Monday morning, MicroStrategy said it purchased about 55,500 bitcoin in its largest buy ever, bringing its total holdings to approximately 386,700 bitcoin. The pu

MicroStrategy Inc. bought a record $5.4 billion in Bitcoin, the third major purchase announced this month by the crypto hedge fund proxy. Most Read from BloombergNYC's Underground Steam System May Be Key to a Greener FutureIn Kansas City,

MicroStrategy is now sitting on 55,000 more Bitcoin after spending an additional $5.4 billion on the cryptocurrency. With the purchase, the company’s Bitcoin

MicroStrategy solidifies its position as the largest corporate Bitcoin holder, now owning 386,700 BTC, which it acquired for $21.9 billion.

Bernstein analyst Gautam Chhugani, who boosted his price target on MicroStrategy by $310 to $600 a share in a note published Monday, sees the group as a principal beneficiary. Chhugani estimates MicroStrategy owns around 1.7% of global bitcoin and says could grow to 4% over the next decade in his base-case scenario.

MicroStrategy Inc. bought another $5.4 billion in Bitcoin, marking its third acquisition this month as the company rapidly increases its holdings.

Michael Saylor is evolving MicroStrategy from simply holding Bitcoin to a "Bitcoin bank." Check out why I remain bullish on MSTR stock.

MicroStrategy continues to add bitcoin to its balance sheet, buying another $5 billion worth of the token last week.

MicroStrategy's Bitcoin acquisition strategy grows with a $5.4 billion purchase, boosting holdings as it targets long-term scale.