MicroStrategy initiated with an Overweight at Barclays

Barclays analyst Ramsey El-Assal initiated coverage of MicroStrategy with an Overweight rating and $146 price target. The company’s strategy to convert a “sticky” enterprise software business into a bitcoin accumulation vehicle is “unique and differentiated,” the analyst tells investors in a research note. For public company investors looking for bitcoin exposure, Barclays sees MicroStrategy “as the best strategy available.” The firm says the company is “spinning software into digital gold.”