According to a report by TD Cowen analyst, as reported by Jinse Finance, it is expected that MicroStrategy's Bitcoin transactions "will prove to add value to shareholders over time." The TD Cowen analyst wrote: "MicroStrategy represents a new type of company that generates cash flow in US dollars through enterprise software and cloud services, and then converts its excess cash flow into Bitcoin on the basis of effective leverage. Initially a defensive strategy to protect the value of reserve assets, it has now become an opportunistic strategy aimed at accelerating the creation of shareholder value."