TD Cowen analyst Lance Vitanza started coverage of MicroStrategy ( NASDAQ: MSTR ) with an Outperform rating on Wednesday, citing the company's exposure to bitcoin ( BTC-USD ) as well as upside on business intelligence software. As of June 27, MicroStrategy ( MSTR ) held 152,333 bitcoins ( BTC-USD ) worth nearly $4.50B at current prices, making it one of the largest HODLers of the digital token. Vitanza took note of MSTR's strategy of using all its retained earnings from software to buy and hold the crypto. "This is not a short-term trading strategy but rather reflects a belief that ultimately, bitcoin will prove a superior store of value relative to metals and fiat currencies," he wrote in a note. "We see MSTR as an attractive vehicle for investors looking to gain Bitcoin exposure." The bullish coverage comes despite MSTR's more than 200% year-to-date surge (vs. BTC's 75% jump). The analyst sees a slew of near-term catalysts that could drive up the stock even more, including an approval of a spot bitcoin ETF, development of the Lightning Network for faster payments, and the upcoming bitcoin halving event. The Outperform rate diverges from the SA Quant system rating of Hold and aligns with the average sell-side analyst rating of Buy. More on bitcoin and MicroStrategy: Bitcoin: Breakout To The Upside Is Most Likely (Technical Analysis) Bitcoin: Crypto's Prodigal Son Returns In Remarkable Bullish Turnaround (Technical Analysis) MicroStrategy: Price Drop In Bitcoin Significantly Increases Risk