Bernstein, a brokerage firm, stated in a research report that MicroStrategy’s unique approach to managing its Bitcoin holdings could potentially draw billions of dollars in investment towards the largest cryptocurrency in the world.

Bernstein has increased its price target for MicroStrategy shares from $290 to $600, while maintaining its outperform rating for the stock. Meanwhile, another brokerage firm, Canaccord, also revised its price target upwards from $300 to $510, reaffirming their buy rating for the share.

MicroStrategy’s shares saw a surge in early trading, with a more than 6% increase, trading at approximately $448.

Bernstein anticipates that MicroStrategy will possess 4% of the global Bitcoin supply by 2033, a substantial rise from its current 1.7% ownership.

MicroStrategy, a company established by Michael Saylor, announced last month its intent to acquire an additional $42 billion worth of Bitcoin over the next three years.

A team of analysts led by Gautam Chhugani expressed their belief that Bitcoin is in a structural bull market, bolstered by supportive U.S. government regulation, institutional adoption, and favourable macroeconomic conditions.

Canaccord also expressed an optimistic outlook for MicroStrategy’s future. The brokerage firm stated it employed a novel methodology to evaluate the stock.

Analysts led by Joseph Vafi noted that the conventional profit and loss earnings metrics are no longer applicable to MicroStrategy, as the company’s software business now accounts for only a small percentage of the current enterprise value. They added that the per-share accumulation of Bitcoin in dollar terms encapsulates all the happenings at MicroStrategy.