Benchmark Cuts Strategy Target to $435, Still Sees 265% Upside

AnalystEarnings
โดย Yahoo Finance·US·Read original
Summary · why it matters

Benchmark analyst Mark Palmer cut his price target on Strategy, the bitcoin treasury company formerly known as MicroStrategy, by 24% to $435 from $570 while keeping a Buy rating, a level that still implies roughly 265% upside from the current price near $119.25. The company reported a second-quarter net loss of $8.22 billion, or $24.45 per share, driven by an $8.32 billion unrealized loss on its 846,000 bitcoin holdings, against a consensus estimate of $3.0743 per share, while revenue rose 6.9% year over year to $122.4 million. Strategy's shares are down 21.52% year to date and 64.68% over the past year, far worse than bitcoin's 11.58% decline, as the stock trades well below its 200-day moving average of $143.95 and near the low end of its 52-week range of $81.81 to $365.21. Palmer's thesis treats Strategy as an actively managed bitcoin leverage engine that can trade above its net asset value due to capital markets execution, noting the company grew bitcoin holdings 11% in the quarter while cutting convertible debt 18% to $6.7 billion and building a $3.75 billion USD Reserve to cover more than two years of preferred dividend and interest obligations. Among 15 covering analysts, 2 rate the stock Strong Buy, 12 Buy, and 1 Hold, with a consensus target of $229.07 implying about 92% upside, while peers Riot Platforms and Marathon Digital have gained 56.51% and 25.39% year to date respectively on AI data center pivots.

Impact on stocks 5

Digital Finance & Tokenization▼ · 4 stocks
MicroStrategy Incorporated
MSTR
▼ NegativeCapitalrelevance

Q2 net loss of $8.22B driven by $8.32B unrealized loss on bitcoin holdings, with price target cut to $435.

Artificial Intelligence▲ · 1 stocks

Theme Impact 1

Related news

▲3

JPMorgan Says Bitcoin Could Outperform Gold as ETF Hedges Unwind

Analysts at JPMorgan Chase said Bitcoin could receive stronger price support than gold if hedging activity tied to exchange-traded funds declines. According to the bank, gold ETFs have already recovered the outflows seen since the start of 2026, while Bitcoin ETFs have recouped only about half of their outflows, and demand for Bitcoin ETFs has weakened recently, meaning Bitcoin has more room to recover than gold if conditions improve. Behind this is renewed attention on currency debasement trades after the Federal Reserve's meeting in late July, but that trade has lost momentum over the past week, weighed down by rising real interest rates and the lack of progress in the U.S. Senate on the crypto market structure bill known as the Clarity Act. Short interest in the ETFs differs sharply: short interest in BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust ETF, is near its highest level of 2026, while short interest in the gold ETF SPDR Gold Shares is below its historical average. For IBIT, the ratio of put option open interest to call option open interest is also higher than for GLD, and JPMorgan analysts concluded that under the current market structure, where IBIT has more short interest than GLD, an unwind of positions could support Bitcoin more than gold if hedging demand declines.
BTC ▲JPM BLK
Digital Finance & Tokenization ▲
NADA NEWS·1hRead more →
▲3

Bitcoin Rallies to Two-Week High Above $80,000 as Altcoins Outperform

Bitcoin rallied to a two-week high on Friday, climbing back above the psychologically important $80,000 level, with the broader crypto market joining the advance. According to Bitget Wallet research analyst Lacie Zhang, US spot ETF inflows and short covering helped push it through the psychologically important $80,000 level. The surge came despite a Fed rate hike earlier in the week and the failure of the Clarity Act, legislation that would have created a federal framework for the broader digital asset industry; after the measure failed to advance in the Senate, the Securities and Exchange Commission stepped in on Thursday with a conditional exemption allowing the trading of certain tokenized stocks on blockchains for the next five years. While bitcoin led the move, ether, binance and solana have outperformed over the past month, gaining 35%, 25% and 41% respectively, and rotation into alternative tokens and tokenized versions of Nvidia, Tesla and the S&P 500 helped lift the total crypto market capitalization to $2.66 trillion, according to CoinMarketCap. Fundstrat's Sean Farrell said crypto has absorbed a fairly aggressive hawkish repricing without much damage, while Compass Point's Ed Engel last week upgraded Coinbase to Neutral from Sell, citing that BTC is recovering from a cyclical bottom.
BTC ▲COIN ▲
Digital Finance & Tokenization ▲
Yahoo Finance·2hRead more →
▼

Corporate Bitcoin Buying Plunges to About 5,900 BTC in Past Three Months, Glassnode Says

On-chain analytics firm Glassnode reported on September 16 that net Bitcoin purchases by listed companies amounted to only about 5,900 BTC over the past three months, roughly 69.5 billion yen. Compared with the roughly 89,000 BTC, or about 1.048 trillion yen, recorded in July 2025, that is about one-fifteenth of the level. The average acquisition price for listed companies stands at about 80,500 dollars, roughly 6 percent above the market price at the time of the survey, leaving these companies as a whole sitting on unrealized losses. Behind the slowdown in buying are the decline in Bitcoin's price and tightening financial conditions, as core inflation in the United States has fallen to 2.4 percent while the policy rate holds at 3.75 percent, pushing real interest rates higher. New demand from sources other than companies has also weakened: U.S. spot Bitcoin ETFs saw net outflows of about 334 million dollars between September 8 and 14, while the stablecoin supply was roughly 301 billion dollars, flat from the previous week. Strategy, one of the world's largest Bitcoin holders, is shifting its focus from an all-out buying strategy to management that emphasizes capital efficiency, and Glassnode noted that the corporate average acquisition price of 80,500 dollars could serve as near-term resistance on the upside.
BTC ▼MSTR ▼
Digital Finance & Tokenization ▼
NADA NEWS·2hRead more →
© 2026 MarketDXNews