MicroStrategy Inc. has sharply increased the size of its planned capital raise to about $2.8 billion, up from the $500 million outlined earlier this week. Executive Chairman Michael Saylor said the additional proceeds will be directed toward enlarging the company’s Bitcoin treasury, underscoring his stated goal of accumulating as many coins as possible. The bigger financing push drew fast reactions on Wall Street. Cantor Fitzgerald reiterated its Overweight stance and lifted its price target on MicroStrategy shares to $680 from $614, arguing that the firm’s unmatched pace of Bitcoin accumulation and willingness to use capital-markets tools position it as a unique proxy for the cryptocurrency. Separately, TD Cowen said the expanded funding could allow MicroStrategy to acquire roughly 17,000 additional Bitcoin without diluting existing shareholders. MicroStrategy already holds the largest corporate cache of Bitcoin, a strategy that has transformed the Tysons Corner, Virginia-based software maker into a de-facto vehicle for investors seeking leveraged exposure to the token’s price swings. The latest capital increase signals that the company intends to deepen that bet even as Bitcoin trades near multi-month highs.