214-year-old bank sees 50% upside in beaten-down stock

Citigroup is betting that MicroStrategy will soar 53% to $240, but this relies on a controversial premise: investors should pay a massive premium for a "wrapper" rather than just buying Bitcoin directly. Despite the company being forced to sell coins recently—breaking its "never sell" mantra—Citi expects the market to value the stock at 1.24 times its actual assets. Why pay a 24% markup for a software company that just acts as a middleman for crypto? Is this a genius play or a total rip-off?
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