Benchmark Predicts $990 High For MicroStrategy, Foresees Bitcoin Rally To $125K
Portfolio Pulse from Mehab Qureshi
Benchmark, an investment banking firm, initiated coverage on MicroStrategy Inc (NASDAQ:MSTR) with a 'buy' recommendation and a price target of $990, citing potential Bitcoin rallies as a key catalyst. The firm's bullish stance on Bitcoin, predicting it could reach $125,000 by the end of 2025, is based on the approval of spot bitcoin ETFs in the U.S. and the impact of the fourth bitcoin halving. MicroStrategy's recent acquisition of an additional 3,000 Bitcoins, bringing its total holdings to 193,000 BTC, underscores its position as the largest corporate holder of the cryptocurrency.
February 28, 2024 | 9:05 am
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Benchmark's 'buy' rating and $990 price target for MicroStrategy are based on the bullish outlook for Bitcoin, predicting a rally to $125,000 by 2025. MicroStrategy's aggressive Bitcoin acquisition strategy further solidifies its investment thesis.
Benchmark's price target for MicroStrategy is directly tied to the anticipated appreciation in Bitcoin's value, which is expected to benefit from the launch of spot bitcoin ETFs and the upcoming bitcoin halving. MicroStrategy's recent purchase of additional Bitcoins reinforces its commitment to Bitcoin as a core asset, aligning with Benchmark's bullish outlook.
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