MicroStrategy Share Price May Rise On Bitcoin ETF Adoption, Ethereum ETF Rejection, TD Cowen Says

The share worth of Michael Saylor’s MicroStrategy might rise ”meaningfully larger” by the tip of this yr on account of larger institutional adoption of Bitcoin ETFs and the seemingly rejection of Ethereum ETFs by regulators, TD Cowens mentioned.

One catalyst for the Bitcoin worth, and thus MicroStrategy shares, might come on Might 15, the deadline for institutional funding managers to file type 13-F with the Securities and Trade Fee (SEC), analyst Lance Vitanza mentioned in a Might 6 notice.

If the filings present extra establishments have bought Bitcoin ETFs (exchange-traded funds), it would sign a rise in institutional acceptance of BTC, Vitanza mentioned. 

“#Bitcoin is the very best. There isn’t any second finest.”
–@saylor#BitcoinforCorporations

— MicroStrategy (@MicroStrategy) May 2, 2024

A second potential set off is the seemingly rejection by the SEC of Ethereum ETFs a couple of week later, which might additionally ship buyers flocking to Bitcoin, he mentioned.

Given MicroStrategy’s aggressive accumulation drive of BTC, each developments might have a constructive affect on the main crypto’s worth, and MicroStrategy’s share worth, Vitanza mentioned.

After attending MicroStrategy’s World 2024 consumer discussion board in Las Vegas final week, Vitanza additionally mentioned that clients had numerous constructive suggestions relating to the corporate’s unique software program enterprise.

“That is inflicting us to rethink the potential upside across the working enterprise,” the analyst wrote.

MicroStrategy Reviews $53.1 Million Loss For Q1 2024

Vitanza’s constructive outlook for MSTR comes after MicroStrategy reported a internet working lack of $53.1 million for the primary quarter of this yr. The explanation for the loss was the corporate’s resolution to not undertake a brand new digital asset honest worth accounting commonplace. 

Had the corporate utilized this new commonplace, MicroStrategy would have posted a large revenue from BTC’s sturdy worth appreciation.

MSTR is up 89% year-to-date, however might nonetheless climb larger, Vitanza believes.

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