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

This purchase comes after MicroStrategy's last week completed its latest sale of convertible debt, raising $3 billion on the note due 2029 with a 0% coupon and a 55% conversion premium. The conversion premium equates to a share price of about $672.40. The shares are higher are by 3.3% premarket to $436.

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

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.

MicroStrategy (NASDAQ:MSTR) bought ~55,500 more bitcoins for ~$5.4B in the week of Nov. 18-24, an ~17% increase in its bitcoin holdings, the company disclosed in a fil