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,

Mizuho senior equity researcher Dan Dolev initiated coverage on MicroStrategy stock with an ‘Outperform’ rating and a $515 price target.

MicroStrategy, a business intelligence and Bitcoin-focused company, plans to offer 2.5 million shares of preferred stock to fund general purposes and Bitcoin acquisitions.