Citigroup has initiated coverage of Strategy (MSTR) with a Buy/High Risk rating, setting a price target of $485, as reported by CoinDesk. This move positions Strategy as a leveraged bet on Bitcoin, with Citi forecasting Bitcoin to reach $181,000 within 12 months, a 63% increase from current levels. MSTR's stock rose 1.5% to $301 in early Tuesday trading. Citi's report highlights the potential for significant gains, noting Strategy's historical Bitcoin return multiple of 2.5x to 3.5x. However, it also warns of substantial risks, projecting a 61% stock loss if Bitcoin falls 25% and the NAV premium shifts to a 10% discount. Strategy plans to continue expanding its Bitcoin holdings through convertible bonds and equity issuance, leveraging the NAV premium.