The software company's long-term convertible debt strategy means it has time to benefit from bitcoin upside with limited liquidation risk to the crypto on its balance sheet, the report said.is likely to hit $1 million by 2033 and reach a cycle-high of $200,000 by 2025, Bernstein said as it initiated coverage of software developer MicroStrategy, the biggest corporate owner of the largest cryptocurrency, with an outperform rating.
Bernstein initiated coverage of the Tysons Corner, Virginia-based company with a $2,890 price target. The shares closed at around $1,484 on Thursday. The Nasdaq-listed firm currently holds 214,400 bitcoin. It began buying the cryptocurrency in 2020, adopting it as a reserve asset. Microstrategy positions itself as an “active leveraged bitcoin strategy versus passive spot exchange-traded funds ,” the report said, noting that over the last four years the company’s active strategy has produced a higher bitcoin per equity share.
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