MicroStrategy

A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he predicted.

Some bounties that have received a submission include identifying an address owned by MicroStrategy with over 10,000 BTC volume.

The bank lifted its MicroStrategy price target to $510, representing 24% potential upside, the report said.

A more robust bitcoin price means the company has a stronger balance sheet, a higher share price and easier debt repayment without the need to sell down its cryptocurrency holdings, the report said.

MicroStrategy’s ability to refinance its debt maturities would be greatly enhanced if its share price, and the value of its bitcoin holdings were to increase meaningfully, the report said.

Shares in Coinbase, chosen as the market for the surveillance-sharing agreements in ETF applications, rose above $80 at around 11:30 ET on Monday.

The firm bought over 12K bitcoin for $347 million in the last two months.