According to CoinDesk, Benchmark has increased its price target for MicroStrategy to $2,150, even though the company reported a revenue miss for the second quarter. The brokerage's analyst highlighted the company's share price outperformance since adopting bitcoin as its primary treasury reserve asset in August 2020.

Since this adoption, MicroStrategy's stock has appreciated by 1,206%, significantly outperforming other assets like bitcoin, the S&P 500, and Nasdaq, which have gained 442%, 64%, and 60%, respectively. Benchmark's analyst Mark Palmer noted that despite criticism, the company's management has defended its strategy by pointing to its strong performance.

On Friday, MicroStrategy's shares were down about 1.2%, still outperforming other crypto-linked stocks as bitcoin and the broader CoinDesk 20 Index fell more than 3% in the last 24 hours. The company introduced a new key performance indicator called "Bitcoin Yield," which tracks the percentage change in the ratio of the company’s bitcoin holdings to its diluted shares outstanding. This new metric aims to make it easier for investors to track the performance of the firm's bitcoin strategy.

MicroStrategy reported a year-to-date bitcoin yield of 12.2% and targets 4%-8% in each of the next three years. However, the company also reported a second-quarter net loss of $102.6 million, primarily due to an impairment charge of $180.1 million on its bitcoin holdings. The firm currently holds 226,500 Bitcoins, acquired at an average price of $36,821 per token.