Bitcoin hoarder Strategy ticks up after getting new bullish rating

Strategy's MSTR.O shares up 0.4% premarket to $370.64 after H.C. Wainwright initiates coverage with a 'buy', saying it views co as one of the most compelling public investments to gain levered upside exposure to Bitcoin BTC=

Brokerage sets PT at $480, implying 30% upside to stock's last close

BTC is the best performing asset of the past decade, H.C. Wainwright says, and while it still believes the cryptocurrency could rally to $225,000 later this year, it warns of the potential for another short-term price correction in Q2 given broader macro headwinds

H.C. Wainwright says it believes Strategy's unique and proven ability to raise equity and debt capital at scale to accumulate additional coins at a faster pace than it has issued shares justifies a "durable and healthy" premium to NAV

In a filing early Mon, the Tysons Corner-Virginia-based firm, formerly known as MicroStrategy, disclosed it bought 15,355 bitcoins from Apr 21-Apr 27 at avg purchase price of $92,737, for total holdings of 553,555 bitcoins

Earlier this month, co said it registered $5.9 bln unrealized loss in Q1, as value of its cryptocurrency holdings fell. It is slated to report Q1 results on Thurs, May 1, after the bell

Now, of 13 brokerages covering MSTR, recommendation breakdown is 3 "strong buy", 9 "buy" and 1 "strong sell" and median PT is $500, LSEG data shows

MSTR shares had risen past eight sessions and are up 27.5% YTD. Stock closed at $129.30 a year ago