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BTIG analysts initiated research coverage on MicroStrategy Incorporated (NASDAQ:) with a buy rating and a price of $490 per share.
Analysts argue that MSTR “is the best vehicle for investors to gain exposure to (BTC) due to five key qualities: 1) ease of access, 2) downside protection, 3) access to financial markets, 4) the underlying cash flow positive software business that generates cash to acquire more bitcoins, and 5) the ability to actively manage bitcoins.”
According to filings, MicroStrategy owns over 152,000 bitcoins which are valued at around $4.7 billion based on yesterday’s price, while MSTR’s market capitalization is around $5.2 billion. . According to BTIG’s calculations, the company’s share price is 92% correlated with the price of bitcoin over the past two years.
They also point out that the company is “the largest independent publicly traded business intelligence (BI) company in the world.” As a result, MicroStrategy’s “One MicroStrategy” business plan positions the company well to provide “a premier BI offering.”