MicroStrategy (MSTR) is not “resting on its laurels” despite bitcoin (BTC) trading at an all-time high, as the software company and largest corporate holder of the cryptocurrency continues to add to its stash, investment bank Canaccord Genuity said in a research report Monday.

Canaccord almost doubled its MicroStrategy price target to $1,810 from $975, the highest among Wall Street analysts, according to FactSet data. The investment bank maintained its buy rating on the stock.

Following the company’s oversubscribed and upsized $800 million convertible debt offering last week, MicroStrategy said that it had bought approximately 12,000 additional bitcoin at an average price of about $68.5K, using cash and proceeds from the offering, the report said.

“Purchasing this additional bitcoin via a convert has helped drive MSTR’s equity value premium relative to its BTC HODL to approximately 86% according to our sum-of-the-parts (SOTP) analysis,” analysts led by Joseph Vafi wrote.

Recent bitcoin spot exchange-traded fund (ETF) issuances have only driven this premium higher, and a couple of months after approval, the MSTR premium has reached new highs, Canaccord said.

“This re-expansion has been a bit of a pleasant surprise to us despite more competition from ETFs,” the authors wrote, adding that the premium does make some sense as MicroStrategy’s bitcoin acquisition strategy of “only buying BTC when its stock trades at a relative premium to its HODL,” has been accretive.

Despite MSTR’s strong track record of driving shareholder value via its bitcoin acquisition strategy, the report added that no other corporates have emerged as competitors for investor dollars, meaning it has no direct competition.

Canaccord noted that MicroStrategy now holds a total of around 205K bitcoin. Read more: MicroStrategy Is a Timely Play on Bitcoin Halving; Initiate at Buy: Benchmark