Berenberg has initiated coverage of MicroStrategy with a buy rating and a $430 price target, citing the company's position as the largest corporate holder of bitcoin as a balance sheet treasury asset. MicroStrategy, founded by Michael Saylor, owns around 140,000 BTC at an average cost of $29,800, worth about $4.1 billion at current prices. Berenberg believes that MicroStrategy shares offer an attractive way for investors to gain exposure to bitcoin and to navigate the digital asset space amidst the ongoing regulatory crackdown. The fourth bitcoin halving, scheduled for May 2024, may serve as a positive catalyst for the BTC price and, by extension, for MicroStrategy shares. The company is due to report Q1 earnings after market close on May 1.

(By Will Canny)