Benchmark has increased its price target for MicroStrategy's stock from $215 to $245, suggesting that the value of the company's bitcoin holdings and its software business will continue to rise. Analyst Mark Palmer stated that MicroStrategy offers unique shareholder value beyond mere bitcoin holdings, emphasizing the company's ability to generate compounding yield from its bitcoin assets through 'intelligent leverage.' Despite concerns about its high stock price relative to bitcoin assets, Palmer believes the stock is justified at its current premium to net asset value (NAV). MicroStrategy's NAV premium recently peaked at 2.5 times its bitcoin holdings, which has led some investors to question the efficacy of holding MicroStrategy shares instead of bitcoin or spot ETFs. Benchmark pointed out that the firm's Bitcoin Yield, which tracks the ratio of bitcoin holdings to share count, has significantly improved, standing at 17.8% this year compared to lower figures in previous years, confirming MicroStrategy's strong position in the market.

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