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.
加拿大经纪已将其对microstrategy (纳斯达克:MSTR) 的目标股价从185美元调整为173美元，并维持对该股的买入评级。
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.
这一调整是因为这家商业智能公司继续实施其积极的比特币 (加密货币: BTC) 收购策略，该策略已使其积累了大量的数字货币资产。
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.
事件经过：据加拿大经纪分析师Joseph Vafi称，microstrategy在短短六周内就购买了超过11亿美元的比特币，使其总持有量达到约244,800比特币，价值约146亿美元。
"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."
“MicroStrategy在积极建设其比特币（BTC）资产组合方面仍显得积极。” Vafi在报告中指出：“考虑到MicroStrategy在过去几年中对比特币的积极收购，以及最近一轮发行的最新股票贴现剩余约9,000万美元，以及通过股权销售进行更具增值性的比特币收购的有利环境，我们预计该公司在收购方面将继续活跃。”
The analyst highlighted MicroStrategy's newly introduced "Bitcoin Yield" metric, which measures growth in its Bitcoin holdings versus growth in share count.
分析师强调了MicroStrategy新引入的“比特币收益率”指标，该指标衡量了其比特币持有量的增长与股票数量的增长之间的关系。
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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."
这一指标截至目前已达到17%，季初达到4.4%，表明比特币收购具有增值性。 Vafi解释说：“虽然MSTR的股票继续以较高溢价交易，但我们将今年以来的比特币收益率差异归因于早些时候利用可转换债券的收益更有增值地收购更多比特币，而在最近的时间更直接地通过股权。”
Despite lowering the price target, Canaccord remains optimistic about MicroStrategy's strategy and the overall Bitcoin market.
尽管降低了价格目标，Canaccord仍对MicroStrategy的策略和整体比特币市场持乐观态度。
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.
该公司的估值方法考虑了比特币价格相对于当前现货价格的一年涨幅20％、MicroStrategy软件业务价值增长15％以及当前部分价值溢价保持完整的假设。
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.
Vafi还指出了比特币表现的潜在催化剂，表示"我们认为2024年选举周期对加密货币市场是一个积极的催化剂"。
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.
下一步是即将到来的Benzinga数字资产未来活动，预计将进一步提供对重点投资于加密货币的公司策略的洞察。
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Image: Shutterstock
图片：shutterstock
