MicroStrategy (MSTR) is uniquely positioned among publicly traded companies to benefit from rising Bitcoin (BTC) prices, Berenberg said in a report on Thursday.
Berenberg has a Buy rating and $430 price target on the stock. MicroStrategy stock offers investors an “attractive way to gain exposure to bitcoin and navigate the digital asset space amid the ongoing regulatory crackdown, relative to other crypto tokens,” the report said.
Bitcoin has become a safe haven, and MicroStrategy stock could benefit greatly if investors increasingly turn to Bitcoin as an alternative currency amid macro-related concerns.
The fourth Bitcoin halving, scheduled for May 2024, could be a positive catalyst for the price of BTC and, in turn, MicroStrategy stock. As of press time, MSTR was down about 2 percent at $312 in premarket trading.