MicroStrategy continued its bitcoin buying spree over the past week, purchasing $5.4 billion worth of the crypto-currency financed with a $3 billion issue of convertible debt and $2.46 billion worth of new equity sales.

MicroStrategy buys more bitcoin, and Benchmark analyst’s new Street-high stock price target implies more than 60% upside.

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.

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

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

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

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

KEY TAKEAWAYS Shares in MicroStrategy, the largest corporate holder of Bitcoin, are jumping Monday in premarket trading, as the cryptocurrency trades near the $100,000 mark for the first time.MicroStrategy ramped up acquisitions of the token this year—especially following Donald Trump’s November 5 election victory—as investors bet on a