According to TechFlow, on October 18, according to CoinDesk, venture capital firm Benchmark said in a research report today that MicroStrategy (MSTR) is overvalued compared to the number of bitcoins held, so the market is bearish on the company's high stock price and ignores the company's "unique" shareholder value. MicroStrategy's net asset value (NAV) is calculated by dividing MSTR's market value by the value of its Bitcoin holdings. The net asset value premium recently hit a new high of 2.5 times its Bitcoin holdings, with the company's market value exceeding $41 billion and Bitcoin holdings of approximately $17 billion. Benchmark analyst Mark Palmer wrote: "We believe that MSTR is able to use what management calls 'smart leverage' to generate compound interest for its Bitcoin holdings, which distinguishes its stock from other ways to gain Bitcoin exposure, such as spot Bitcoin ETFs." Palmer reiterated his buy rating and raised MicroStrategy's target price from $215 to $245. MSTR shares rose 6.6% to $206.19 on Friday as the price of Bitcoin rose to $68,400. Palmer believes that the value of the company's Bitcoin holdings and software business will continue to grow, and he also believes that the company's high stock price is justified because it provides value beyond just holding a large amount of Bitcoin.