MicroStrategy Inc. received back-to-back price-target increases from two Wall Street firms, underscoring growing bullishness on the software maker’s bitcoin-heavy balance sheet. TD Cowen on 14 July lifted its target to $680 a share from $590, while maintaining a bullish view that the cryptocurrency could climb to $155,000 by December, with a base-case estimate of $128,000. Cantor Fitzgerald followed on 28 July, reiterating an Overweight rating and raising its own target to the same $680 level from $614, citing the company’s "unmatched" bitcoin accumulation and capital-markets strategy.

The analysts’ calls come as MicroStrategy, led by Executive Chairman Michael Saylor, remains the largest publicly traded holder of bitcoin. The company now owns roughly 601,550 coins after spending about $472.5 million earlier this month, according to TD Cowen’s figures. At current prices, the trove is worth well over $40 billion, giving the enterprise software group a leveraged exposure to any further rally in the cryptocurrency.

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