TD Cowen: MicroStrategy's Bitcoin strategy will prove to be value-enhancing for shareholders
TD Cowen analyst wrote in a report today that MicroStrategy's Bitcoin transactions are expected to "prove over time to be able to add value for shareholders." The TD Cowen analyst wrote: "MicroStrategy represents a new type of company, generating dollar-based cash flow through enterprise software and cloud services, then converting its excess cash flow into Bitcoin on an effective leverage basis. Initially it was a defensive strategy aimed at protecting the value of reserve assets, but now it has become an opportunistic strategy aimed at accelerating the creation of shareholder value."
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