As an analyst with over two decades of experience in the financial markets, I find myself intrigued by the meteoric rise of Virginia-based MicroStrategy (MSTR). The recent price target hike by BTIG to $240 is certainly noteworthy, and it underscores the growing interest in Bitcoin and its proxies.
International investment firm BTIG has raised the predicted value for MicroStrategy (MSTR), a business intelligence company based in Virginia, to an impressive $240. This new target is significantly higher than their previous estimation of $180.
Based on BTIG’s analysis, the estimated Bitcoin value embedded in MicroStrategy’s current appraisal is approaching an all-time high.
Right now, the company’s total worth on the stock market is approximately $42.45 billion. At this moment, each share of the company is being traded for around $210. Over the past six months, these shares have seen a rise of nearly 61%. To put things into perspective, MicroStrategy has amassed Bitcoin holdings valued at about $17 billion.
Previously, analysts from BTIG believed that the high price premium was being sustained by investors who lack the means to directly invest in Bitcoin or stocks of Bitcoin-related exchange-traded funds.
Generally speaking, MicroStrategy isn’t just seen as a stand-in for Bitcoin because it continues to be a successful enterprise that makes shrewd financial moves with its treasury. Furthermore, it’s not uncommon for businesses to be valued based on more than their tangible assets, often trading at higher values relative to their net assets.
Some investors could think that the value of Bitcoin will significantly rise in the time to come, leading to the current high estimated value for MSTR.
Earlier this month, MicroStrategy cofounder Michael Saylor spoke about his ambitious plan to turn the business intelligence firm into a “Bitcoin bank” with a valuation exceeding $1 trillion.
Concurrently, Saylor admits that his business has been “misconstrued.” He contends that it should be categorized as a Bitcoin-focused real estate development company rather than a traditional real estate enterprise.
According to Saylor, it’s plausible that the value of Bitcoin might soar as high as $13 million within the next two decades.
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2024-10-21 18:37