Bernstein “Microstrategy BTC Long Strategy, No Need to Worry”

As MicroStrategy (Nasdaq ticker: MSTR), the largest single holder of Bitcoin, is set to be added to the Nasdaq 100 index on Wednesday (local time), Wall Street investment bank Bernstein reports that “MicroStrategy's flywheel (virtuous cycle of growth) could continue. While some are concerned about MicroStrategy's BTC buying strategy, there are no signs of concern yet. Of the $42 billion raised by the company, $15 billion has been earmarked for BTC purchases. Buying in the $9.5-10K price range is not a burden for the company. The company can afford to issue more bonds in the future, and as long as BTC stays around $100,000, the company will continue to buy. We also expect the company to join the S&P 500 when the Financial Accounting Standards Board (FASB) introduces new standards next year. We are reiterating a $600 price target on MicroStrategy.”

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