MicroStrategy stock could surge more than 50% with the company’s Bitcoin strategy, according to Mizuho Securities analysts. Mizuho analysts led by Dan Dolev initiated coverage of MicroStrategy stock with an Outperform rating and $515 price target.

Led by Executive Chairman Michael Saylor, the company this week opened a new front along those lines with its perpetual preferred stock offering (STRK). Preferred stock sits between equity and debt on the corporate balance sheet,

Bitcoin is down Monday, but MicroStrategy keeps buying, revealing its 12th straight weekly BTC purchase as its stash nears $50 billion.

MicroStrategy Inc. bought Bitcoin for a 12th consecutive week and unveiled details for the sale of perpetual preferred stock to help finance additional purchases of the cryptocurrency.

MicroStrategy’s stock is set to snap the longest losing streak it’s seen in a year after adding another bullish analyst on bitcoin to its camp.