Bernstein initiated coverage of MicroStrategy with an Outperform rating and $2,890 price target. MicroStrategy is now the largest Bitcoin holding company as it owns 1.1% of the world’s supply worth about $14.5B, the analyst tells investors. Founder and Chairman Michael Saylor “has become synonymous with brand Bitcoin” and positioned MicroStrategy as “a leading Bitcoin company” that has been attracting at-scale capital in terms of both debt and equity for an active coin acquisition strategy, the analyst added.
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