Benchmark says MicroStrategy could soon generate yield by lending its bitcoin holdings
Powered by @unfolded- Benchmark's Mark Palmer suggests that MicroStrategy may soon start generating yield by lending its bitcoin holdings due to supportive developments in the crypto space.
- MicroStrategy recently acquired an additional 7,420 bitcoin, bringing its total holdings to 252,220 BTC, valued at approximately $15.8 billion.
- The company has issued convertible notes to strengthen its balance sheet, which may provide the flexibility to access capital markets and potentially lend bitcoin to institutional counterparties.
- Palmer maintains a "buy" rating and a $215 price target for MicroStrategy's stock, which has increased over 115% year-to-date.