TD Cowen: BTC and MicroStrategy Shares May Rise This Month

Bitcoin (BTC) may have huge upside potential this month thanks to two major catalysts, and Michael Saylor's MicroStrategy (MSTR) stock may also rise, says TD Cowen analyst Lance Vitanza.Vitanza says customers have given MicroStrategy's legacy software business very positive feedback on MicroStrategy's legacy software business, which was established long before Saylor pushed the company to buy billions of dollars of bitcoin.MicroStrategy's stock, which is up 89% year-to-date, could also see meaningful gains on the back of two major catalysts that could push the price of bitcoin higher. May 15 is the deadline for institutional investment managers to file Form 13-F with the U.S. SEC, and if more companies purchase newly approved spot bitcoin exchange-traded funds in the first quarter, it would indicate that bitcoin has gained further institutional acceptance. Another potentially favorable event is the SEC's potential rejection of an ethereum ETF, where bitcoin would prove to be the winner and incremental demand could be even stronger.