TD Cowen: MicroStrategy’s Bitcoin strategy can add value to shareholders

Analysts at TD Cowen said in a note on Tuesday that they expect MicroStrategy's Bitcoin deal to "prove to be accretive to shareholders over time." TD Cowen analysts wrote: "MicroStrategy represents a new type of company that generates USD-based cash flow through enterprise software and cloud services, and then converts its excess cash flow into Bitcoin on an effectively leveraged basis. Initially What was a defensive strategy to protect the value of reserve assets has become an opportunistic strategy aimed at accelerating the creation of shareholder value.” (CNBC)