Berenberg, a German investment bank, said that MicroStrategy is unique among publically listed companies in its ability to profit from a rise in bitcoin’s price ( BTC), according to a report published on Thursday.

Berenberg began coverage with a Buy rating and a price target of $430. In premarket trading on Friday, the shares fell about 2% to $312.

Michael Saylor founded the business analytics software firm, which is now its executive chairman. It is currently the largest corporate owner of bitcoins as a balance-sheet treasury. The company owns 140,000 bitcoins, which it purchased at an average cost of $29800. At the current prices, this stash is worth approximately $4.1 billion.

Mark Palmer, an analyst at Mark Palmer & Co. wrote that MicroStrategy shares are “an attractive way for investors to get exposure to bitcoin as well as to navigate the digital assets space in the midst of the ongoing regulatory crackdown.”

Palmer’s note stated that “Bitcoin is a safe haven compared to other crypto tokens.” MicroStrategy’s shares will benefit if investors “increasingly choose bitcoin as an alternate currency amid macro-related concerns.”

The note said that the fourth bitcoin halves scheduled for May 20, 2024 could serve as a catalyst for Bitcoin’s price, and, by extension, MicroStrategy share prices.

MicroStrategy will report its earnings for the first quarter after Monday’s market close.

Read more: MicroStrategy’s Bitcoin Holding Doesn’t Necessarily Poses a Concentration-Risk: Bernstein

Sheldon Reback is the editor.