MicroStrategy (NASDAQ:MSTR) is hoarding more Bitcoin with a $700 million convertible note offering

There is Bitcoin (BTC USD) bulls, and then there's MicroStrategy (NASDAQ:MSTR). The analytics and business intelligence solutions provider appears to have made hoarding as much Bitcoin as possible its top priority lately.

The Michael Saylor-led company is offering $700 million in convertible notes and plans to use the net proceeds from the offering to purchase additional Bitcoin (and for general corporate purposes). According to CoinDesk, MSTR holds nearly 193,000 BTC worth over $13 billion at a price level of $67,500. This treasure makes MSTR the world's largest corporate holder of BTC.

Bitcoin is up almost 196% over the past year. In comparison, MSTR's share price is up nearly 343% during this period. Oddly enough, this means that crypto enthusiasts would have been better off holding MSTR than stocking up on BTC itself.

Is MSTR a good stock to buy?

While The Street has a Strong Buy consensus rating for MSTR, an average price target of $875 for the stock suggests a potential downside of 16.7%. Still, the upcoming halving could act as a potential price driver for both BTC and MSTR. Historically, the price of BTC has increased after a halving. As a result, investor sentiment remains positive towards MSTR stock. The company's shares are already up nearly 7% in the early session today.

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