Wall Street brokerage Benchmark has staunchly defended MicroStrategy’s (MSTR) bitcoin strategy, elevating the stock’s price target to a Wall Street high of $2,150, even after the company reported a second-quarter revenue shortfall.

Unwavering Confidence in Bitcoin Strategy

Since MicroStrategy, under the leadership of Executive Chairman Michael Saylor, adopted bitcoin as its primary treasury reserve asset in August 2020, the company has seen an appreciation of 1,206%, according to Benchmark analyst Mark Palmer’s report on Friday. This remarkable performance starkly contrasts with the gains of bitcoin (BTC) at 442%, the S&P 500 at 64%, and the Nasdaq at 60%.

“Despite numerous detractors questioning the rationale of buying MSTR shares instead of directly purchasing bitcoin, the management has consistently pointed to the impressive results as a rebuttal,” Palmer noted. Palmer maintains a buy rating on the stock.

Read more: MicroStrategy Stock Predicted to Soar 30% if Bitcoin Hits $150K by 2025

Market Performance and New Metrics

On Friday, MicroStrategy’s shares fell about 1.2%, showing relative resilience compared to other crypto-linked stocks. In contrast, bitcoin and the broader CoinDesk 20 Index both dropped by over 3% in the last 24 hours.

In a strategic move to reinforce its bitcoin-centric approach, MicroStrategy introduced “Bitcoin Yield” on Thursday, a key performance indicator (KPI) that measures the percentage change in the ratio of the company’s bitcoin holdings to its diluted shares outstanding. This new metric aims to provide investors with a clearer view of the firm’s bitcoin strategy performance, Palmer explained.

MicroStrategy reported a year-to-date bitcoin yield of 12.2%, with targets set between 4%-8% for each of the next three years.

Financial Overview

The company reported a net loss of $102.6 million for the second quarter, largely due to an impairment charge of $180.1 million on its bitcoin holdings. As of the earnings statement, MicroStrategy holds 226,500 bitcoins, acquired at an average price of $36,821 per token.

Looking Ahead

Despite the recent revenue miss, Benchmark’s bullish outlook underscores a strong belief in MicroStrategy’s long-term strategy centered around bitcoin. As the company continues to refine its approach and introduce new metrics to track performance, investors will closely monitor the outcomes and their alignment with the lofty price target set by Benchmark