MicroStrategy assumed with a Buy at BTIG

BTIG analyst Andrew Harte assumed coverage of MicroStrategy with a Buy rating and $490 price target. The analyst believes the company serves as the best vehicle for investors to gain exposure to bitcoin due to five key qualities: ease of access, downside protection, access to capital markets, an underlying cash flow-positive software business which generates cash to acquire more bitcoin, and the ability to actively manage bitcoin. In addition, MicroStrategy is the largest publicly traded, independent business intelligence company in the world, and its “One MicroStrategy” business plan positions it well to provide a premier BI offering, the analyst tells investors in a research note.