Bernstein has raised its price target for MicroStrategy (MSTR) to $600, a significant increase from the previous $290, while keeping an “outperform” rating on the stock. The firm highlighted MicroStrategy’s dominant Bitcoin treasury model, predicting that the company could own 4% of the global Bitcoin supply by 2033, up from its current 1.7%. This aggressive forecast is supported by the company’s strategy to buy an additional $42 billion worth of Bitcoin in the next three years, capitalizing on what Bernstein sees as a long-term bullish trend in Bitcoin, driven by favorable regulatory environments, institutional adoption, and U.S. government support.

Similarly, Canaccord Genuity has also increased its price target for the stock to $510 from $300, reiterating a “buy” recommendation. The firm notes that traditional valuation methods no longer fully apply to MicroStrategy, as its software business contributes only a small fraction of its current enterprise value. Instead, the value now lies in the company’s growing Bitcoin holdings, with analysts suggesting that dollarized Bitcoin accretion per share provides a more accurate measure of MicroStrategy’s worth.

In early trading, MicroStrategy’s stock surged over 6%, reflecting the optimism from these analyst upgrades and the company’s continued Bitcoin acquisition strategy.