Bernstein says that Bloomberg Intelligence reported a potential entry for MicroStrategy (MSTR) in the Nasdaq100. This would lead to the inclusion of MicroStrategy in some of the largest ETFs such as QQQ. The stock trades at a 147% premium to its Bitcoin NAV. While many investors may have reservations on its premium to NAV valuation and its Bitcoin purchase program dependent on its ability to issue equity and debt convertible at this premium, Bernstein believes, given the Bitcoin and crypto friendly regulatory environment, this can go on for a long time–at least till all of 2025. With potential inclusion in Nasdaq100 and QQQ, the firm expects more visibility and recognition beyond fresh ETF inflows. Bernstein has an Outperform rating on the shares with a price target of $600.
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