MicroStrategy more than tripled its purchases of Bitcoin in the latest week, buying $1.9 billion of cryptocurrency financed with equity sales and a new issue of preferred stock after snapping up less than $600 million worth in the prior week.

MicroStrategy has transformed into a leveraged Bitcoin proxy, offering investors amplified exposure to Bitcoin's price movements. Read why MSTR stock is a Buy.

In a more bullish scenario, Bernstein estimates that Strategy could hold more than 1 million BTC by 2033 as Bitcoin hits $1 million and debt jumps to $100 billion.