Microstrategy offers most efficient vehicle for institutional investors to gain Bitcoin exposure – BTIG
© Shutterstock Microstrategy (MSTR) offers most efficient vehicle for institutional investors to gain Bitcoin exposure – BTIG
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BTIG analysts initiated research coverage on MicroStrategy Incorporated (NASDAQ:MSTR) with a Buy rating and a $490 per share.
The analysts argued that MSTR “serves as the best vehicle for investors to gain exposure to bitcoin (BTC) due to five key qualities: 1) ease of access, 2) downside protection, 3) access to capital markets, 4) underlying cashflow-positive software business which generates cash to acquire more bitcoin, and 5) the ability to actively manage bitcoin.”
According to filings, MicroStrategy owns over 152,000 bitcoins that are valued at about $4.7 billion based on yesterday’s price while MSTR’s market cap sits around $5.2B. According to BTIG’s calculations, the company’s share price is 92% correlated to the price of bitcoin over the last two years.
They also highlight that the company is “the largest publicly traded, independent business intelligence (BI) company in the world.” As a result, MicroStrategy’s “One MicroStrategy” business plan puts the company well-positioned to provide “a premier BI offering.”
MSTR shares are down 1.6% today.
