MicroStrategy, a business intelligence firm that has invested heavily in Bitcoin, announced on Monday that it intends to sell up to $750 million worth of its common stock in a public offering. The company said it plans to use the net proceeds from the sale to acquire more Bitcoin.

The move comes as MicroStrategy continues to expand its Bitcoin portfolio, which currently stands at 92,079 BTC, worth about $3.7 billion at current prices. The company has been buying Bitcoin since August 2020, when it made its first purchase of $250 million. Since then, it has raised more funds through debt offerings and stock sales to buy more of the cryptocurrency.

MicroStrategy’s CEO, Michael Saylor, is a vocal advocate of Bitcoin and believes it is a superior store of value and hedge against inflation. He has said that his company’s strategy is to hold Bitcoin for the long term and not sell it, even if the price drops significantly.

However, some analysts have questioned the wisdom of MicroStrategy’s Bitcoin bet, arguing that it exposes the company to high volatility and regulatory risks. They also point out that the company’s core business of providing software solutions has been overshadowed by its Bitcoin investments.

MicroStrategy’s stock price has risen more than 400% since it started buying Bitcoin, but it has also experienced sharp fluctuations along with the cryptocurrency market. On Monday, the stock closed at $630.54, down 1.5% from Friday.