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The share price of Michael Saylor's MicroStrategy may rise “significantly further” by the end of this year due to greater institutional adoption of bitcoin ETFs and the likely rejection of ethereum ETFs by regulators, TD Cowens said .
A catalyst for the price of bitcoin, and therefore MicroStrategy stock, could come on May 15, the deadline for institutional investment managers to file Form 13-F with the Securities and Exchange Commission (SEC). ). said analyst Lance Vitanza in a May 6 note.
If filings show that more institutions have purchased bitcoin ETFs (exchange-traded funds), it will indicate an increase in institutional acceptance of btc, Vitanza said.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.030303030303″>
“twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin is the best. There is no second best.”
–twitter.com/saylor?ref_src=twsrc%5Etfw”>@saylortwitter.com/hashtag/BitcoinforCorporations?src=hash&ref_src=twsrc%5Etfw”>#BitcoinforCorporations
– MicroStrategy (@MicroStrategy) twitter.com/MicroStrategy/status/1786166637684498731?ref_src=twsrc%5Etfw”>May 2, 2024
A second potential trigger is the SEC's likely rejection of ethereum ETFs about a week later, which could also cause investors to flock to bitcoin, he said.
Given MicroStrategy's aggressive accumulation push of btcBoth developments could have a positive impact on the price of the leading cryptocurrency and MicroStrategy's share price, Vitanza said.
After attending MicroStrategy's World 2024 user forum in Las Vegas last week, Vitanza also said customers received a lot of positive feedback about the company's original software business.
“This is making us rethink the potential advantages of the operating business,” the analyst wrote.
<img decoding="async" alt="MicroStrategy twitter Account Victim of Complex crypto Scam – UNLOCK Blockchain” src=”https://technicalterrence.com/wp-content/uploads/2024/05/MicroStrategy-Share-Price-May-Rise-on-Bitcoin-ETF-Adoption-and.jpeg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/05/MicroStrategy-Share-Price-May-Rise-on-Bitcoin-ETF-Adoption-and.jpeg" alt="MicroStrategy twitter Account Victim of Complex crypto Scam – UNLOCK Blockchain”/>
MicroStrategy reports $53.1 million loss for Q1 2024
Vitanza's positive outlook for MSTR comes later Microstrategy reported a net operating loss of $53.1 million for the first quarter of this year. The reason for the loss was the company's decision not to adopt a new digital asset fair value accounting standard.
If the company had used this new standard, MicroStrategy would have made a considerable profit thanks to the strong price appreciation of btc.
MSTR is up 89% so far this year, but could still rise further, Vitanza believes.
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