🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

MicroStrategy's Bitcoin Stash Could Potentially Make It The World's Richest Company

Published 30/04/2023, 20:51
© Reuters MicroStrategy's Bitcoin Stash Could Potentially Make It The World's Richest Company
MSTR
-
BTC/EUR
-
BTC/USD
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-

Benzinga - Some elements of this story were previously reported by Benzinga, and it has been updated.

MicroStrategy Inc (NASDAQ: MSTR) could uniquely benefit from the increasing price of Bitcoin (CRYPTO: BTC), according to a recent report from Berenberg.

The business analytics software company, founded by Michael Saylor, holds approximately 140,000 Bitcoin as a balance sheet treasury asset, making it the largest corporate holder of Bitcoin.

Berenberg initiated coverage of the stock with a "Buy" rating and a $430 price target, suggesting that MicroStrategy shares offer an attractive way for investors to gain exposure to Bitcoin and navigate the digital asset space amidst an ongoing regulatory crackdown.

Also Read: FTX Fallout: Bahamas Goes All-In On Crypto Legislation, Aims To Be The World's Most Advanced

"Bitcoin has emerged as a safe haven relative to other crypto tokens," the report noted. If investors increasingly turn to Bitcoin as an alternative currency amidst macro-related fears, then MicroStrategy shares stand poised to benefit, it explained.

Additionally, the upcoming fourth Bitcoin halving in May 2024 may serve as a positive catalyst for Bitcoin's price and, by extension, for MicroStrategy shares.

MicroStrategy is due to report its first-quarter earnings after the market close tomorrow.

MSTR Price Action: MicroStrategy shares closed at $328.38 last Friday.

Read Next: The Battle For Crypto Market Regulations Heats Up In Congress

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.