Wall Street analysts welcomed MicroStrategy's more transparent bitcoin acquisition strategy.

Wall Street analysts welcomed Strategy's (formerly MicroStrategy) clearer bitcoin acquisition strategy. The company's fourth-quarter earnings were impressive, with a record high bitcoin holding, 195,250 new bitcoins, and a 48% bitcoin yield, far exceeding the 5.1% in the third quarter.Strategy completed its three-year financing plan of raising $42bn ($21bn equity and $21bn fixed income) and buying the same amount of bitcoins ahead of schedule. In the fourth quarter, the company raised $16.7bn in equity (about 80% of its $21bn target) and $3.6bn in fixed income securities. Management said the company would focus on issuing fixed income securities this year. Analysts believe Strategy's bitcoin acquisition strategy is not risky but active in high-demand periods and continuous purchases in normal periods, showing a new and reasonable rhythm.To measure its ability to value-acquire bitcoins, Strategy introduced two new metrics: BTC Gain, the number of bitcoins held at the beginning multiplied by the bitcoin yield in the period. BTC $Gain, converts BTC Gain to US dollar value based on the bitcoin market price at 4 pm on the last day of the quarter (Eastern Time).The company's stock price rose 5% after the earnings release.