MicroStrategy receives a buy rating and a target price of $990 in Benchmark report

Investment bank Benchmark has initiated coverage of MicroStrategy, giving it a buy rating with a target price of $990. This forecast is based on the estimated valuation of the company's Bitcoin holdings by the end of 2025 and the estimated value of its business intelligence software activities by the end of 2025. Benchmark believes that the approval of multiple physically-backed Bitcoin ETFs and the upcoming halving could serve as catalysts for the price of Bitcoin, influencing their price forecast. MicroStrategy's stock is currently trading at $860.75, rising over 8% in early Tuesday trading.