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.
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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.
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"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.
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