Canaccord Lowers MicroStrategy Price Target To $173, Cites Ongoing Bitcoin Accumulation
Canaccord Lowers MicroStrategy Price Target To $173, Cites Ongoing Bitcoin Accumulation
"MicroStrategy remains aggressive in building its BTC HODL," Vafi noted in his report. "Given MicroStrategy's aggressive acquisition of Bitcoin over the past few years, approximately $900 million left on its most recent shelf offering, and the accretive setup to acquire more Bitcoin using equity sales, we would expect to see the company remain active in its purchases."Canaccord Genuity has revised its price target for MicroStrategy (NASDAQ:MSTR) from $185 to $173 while maintaining a Buy rating on the stock.
Canaccord Genuity已將其MicroStrategy（納斯達克股票代碼：MSTR）的目標股價從185美元上調至173美元，同時維持該股的買入評級。
The adjustment comes as the business intelligence company continues its aggressive Bitcoin (CRYPTO: BTC) acquisition strategy, which has seen it amass a significant cryptocurrency portfolio.
此次調整是在這家商業智能公司繼續其激進的比特幣（加密貨幣：BTC）收購戰略之際進行的，該戰略已經積累了大量的加密貨幣投資組合。
What Happened: According to Canaccord analyst Joseph Vafi, MicroStrategy has purchased over $1.1 billion in additional Bitcoin in just six weeks, bringing its total holdings to approximately 244,800 Bitcoin, valued at around $14.6 billion.
發生了什麼：根據Canaccord分析師約瑟夫·瓦菲的說法，微策略在短短六週內額外購買了超過11億美元的比特幣，使其總持有量達到約244,800枚比特幣，價值約146億美元。
"MicroStrategy remains aggressive in building its BTC HODL," Vafi noted in his report. "Given MicroStrategy's aggressive acquisition of Bitcoin over the past few years, approximately $900 million left on its most recent shelf offering, and the accretive setup to acquire more Bitcoin using equity sales, we would expect to see the company remain active in its purchases."
瓦菲在報告中指出：「微策略仍在積極建立其比特幣持倉量。」「鑑於MicroStrategy在過去幾年中積極收購比特幣，其最近的貨架發行還剩約9億美元，以及通過股票出售收購更多比特幣的增值設置，我們預計該公司將繼續積極進行收購。」
The analyst highlighted MicroStrategy's newly introduced "Bitcoin Yield" metric, which measures growth in its Bitcoin holdings versus growth in share count.
該分析師重點介紹了MicroStrategy新推出的 「比特幣收益率」 指標，該指標衡量其比特幣持有量的增長與股票數量的增長。
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This metric stands at 17% year-to-date and 4.4% quarter-to-date, indicating accretive Bitcoin acquisitions. Vafi explained, "While MSTR's stock continues to trade at a material premium to its HODL, we attribute the Bitcoin Yield differential YTD v QTD to using proceeds from convertible notes earlier in the year to acquire more bitcoin even more accretively versus straight equity more recently."
該指標今年迄今爲止爲17％，季度迄今爲4.4％，這表明比特幣的收購量有所增加。Vafi解釋說：「儘管MSTR的股票繼續以比其HODL大幅溢價進行交易，但我們將比特幣年初與QTD的收益率差異歸因於今年早些時候使用可轉換票據的收益比最近的普通股權更具吸引力地收購了更多的比特幣。」
Despite lowering the price target, Canaccord remains optimistic about MicroStrategy's strategy and the overall Bitcoin market.
儘管降低了目標價格，但Canaccord仍然對微策略的戰略和整個比特幣市場持樂觀態度。
The firm's valuation methodology takes into account a 20% one-year appreciation in Bitcoin price versus current spot rates, a 15% increase in value to MicroStrategy's software business, and the assumption that the current sum-of-the-parts premium remains intact.
該公司的估值方法考慮了比特幣價格相對於當前即期匯率一年內上漲20％，MicroStrategy軟件業務價值增長了15％，以及當前部分溢價總和保持不變的假設。
Vafi also pointed to potential catalysts for Bitcoin's performance, stating, "We view the 2024 election cycle as a positive catalyst" for the cryptocurrency market.
瓦菲還指出了比特幣表現的潛在催化劑，他說：「我們將2024年的選舉週期視爲加密貨幣市場的積極催化劑」。
What's Next: The upcoming Benzinga Future of Digital Assets event on Nov. 19 is expected to provide further insights into the strategies of companies heavily invested in cryptocurrencies.
下一步是什麼：即將於11月19日舉行的Benzinga數字資產未來活動預計將爲大量投資加密貨幣的公司的戰略提供進一步的見解。
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Image: Shutterstock
圖片：Shutterstock
