- MicroStrategy could qualify for the Nasdaq-100, exposing millions of investors to Bitcoin indirectly.
- Saylor’s strategy has made MicroStrategy the largest corporate Bitcoin holder, with 386,700 BTC.
- Bernstein’s $600 price target predicts a $135 billion market cap.
MicroStrategy’s plan to become a de facto “Bitcoin bank” will catapult its market cap to $135 billion.
That’s according to a note from research firm Bernstein that sees the software company hitting a price target of $600 per share, which would push up its current $95 billion market cap by 42%.
MicroStrategy is currently the 103rd most valuable company in the US, according to CompaniesMarketCap.
“MicroStrategy has positioned itself as a pioneer in the adoption of Bitcoin as a treasury reserve asset,” Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia wrote.
The company’s strategy relies on issuing debt to buy Bitcoin, driven by a belief in its long-term appreciation and the erosion of fiat currencies by inflation.
The Saylor strategy
Today, Michael Saylor revealed that MicroStrategy had acquired another 55,500 Bitcoin — its largest purchase to date.
This brings its total stockpile up to 386,700 Bitcoin worth over $37 billion, which is roughly 1.9% of the total supply.
Bernstein’s analysts said that figure could grow to 4% within ten years.
“The end game is to be the leading Bitcoin bank or merchant bank, or you could call it a Bitcoin finance company,” Michael Saylor, MicroStrategy’s chairman, recently said.
Saylor has positioned the company as the largest corporate Bitcoin holder through an aggressive strategy of leveraging its stock premium to expand its holdings.
MicroStrategy recently completed a $3 billion convertible note sale to fund further acquisitions.
Crypto market movers
- Bitcoin is up 0.3% over the past 24 hours to $97,706.
- Ethereum is up 4.4% over the past 24 hours to $3,476.
What we’re reading
- Stablecoins follow Bitcoin and Solana to new record. Here’s what’s driving growth — DL News
- Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary — Unchained
- Do this to 2x your $BTC — Milk Road
- Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks — Unchained
- Lutnick locks in 5% Tether stake to fuel Cantor’s Bitcoin loan ambitions — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
