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.

In a little less than three months, MicroStrategy has spent nearly half of its three-year, $42 billion capital plan to buy bitcoin.

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,