Analysts are bullish on software company MicroStrategy (MSTR), which reports earnings for the second quarter after the market close on Tuesday, and it’s all thanks to the many bitcoin (BTC) it holds.

TD Cowen analyst Lance Vitanza, who initiated coverage on the Michael Saylor-led firm last Wednesday with an outperform rating, praised the company for its “hybrid corporate strategy.” MicroStrategy is known for converting all of its earnings from its core software intelligence business into bitcoin. This approach represents a “paradigm shift,” he wrote in a note to investors.

“This is not a short-term trading strategy but rather reflects a belief that ultimately, bitcoin will prove a superior store of value relative to metals and fiat currencies,” Vitanza wrote. “We see MicroStrategy as an attractive vehicle for investors looking to gain bitcoin exposure.”

TD Cowen’s price target for MSTR is $520 for year’s end. MicroStrategy is currently trading at around $435, up 207% so far this year.

As of July 28, the company owned an estimated 152,333 bitcoins worth roughly $4.5 billion, having most recently acquired 12,333 bitcoin for $347 million in cash between April 29 and June 27. Bitcoin is currently trading at $29,293, up about 77% year-to-date, according to CoinDesk data.

With bitcoin’s big rally this year, MicroStrategy’s impairment loss on its digital assets narrowed to $18.9 million in the first quarter, down from the fourth quarter’s impairment loss of $197.6 million.

For the upcoming earnings report on Tuesday, TD Cowen estimates revenue to be $127.9 million, which would be a 5% increase from the first quarter.

Meanwhile, German investment bank Berenberg, which has a buy rating for MSTR, also raised its price target to $510 from $412.30 on July 12 in a note written by analyst Mark Palmer.

Palmer’s optimistic view is based on the “faster-than-expected pace at which MSTR has acquired bitcoins since we initiated coverage of the company on April 27, as well our view that the prospects for institutional adoption of bitcoin have improved meaningfully in the interim.”