Posted 4/8/2024, 8:50:15 PM
MicroStrategy Stock Surges 140% as Bitcoin Holdings Drive Premium Valuation
- MicroStrategy's stock has surged 140% YTD due to Bitcoin's price rally and the company's strategy of acquiring and holding Bitcoin
- BTIG analyst Andrew Harte believes investors are willing to pay a premium for MicroStrategy due to its Bitcoin holdings and ability to raise capital to buy more
- MicroStrategy currently holds around 214,000 Bitcoins, which carry an implied premium valuation of over 2x
- The upcoming Bitcoin halving event has historically catalyzed crypto bull markets, which could further boost MicroStrategy
- BTIG raises MicroStrategy's price target from $780 to $1,800 based on the above factors, keeps a Buy rating
