Strategy (MSTR) Stock Gains Momentum as Bitcoin Rallies and Analyst Raises Target

Key Takeaways

• Strategy (MSTR) shares advanced 3.1% as Bitcoin surged 4.6% to reach $74,367, boosting cryptocurrency-related equities including Coinbase (+2.5%) and Robinhood (+3.8%)
• TD Cowen analyst increased MSTR’s price target from $350 to $385 while reaffirming a Buy rating following the company’s latest $1 billion Bitcoin acquisition
• The company’s Bitcoin treasury now totals 766,970 BTC, accumulated through an ambitious capital-raising strategy featuring a $42B equity and preferred stock initiative
• Strategy’s price-to-book ratio of 0.97X remains below competitors such as MARA (1.04X), CleanSpark (1.85X), and Coinbase (3X)
• Despite the recent uptick, MSTR has declined 58.6% year-over-year, significantly underperforming the sector’s 17.5% gain

Cryptocurrency-focused stocks experienced a notable uptick on Tuesday as Bitcoin’s value jumped 4.6% to $74,367 during a 24-hour period, providing Strategy (MSTR) shareholders with a welcome reprieve from recent market pressure.

Strategy Inc, MSTR

Shares of Strategy climbed 3.1% during premarket hours. Among S&P 500 digital asset-linked companies, Robinhood (HOOD) posted the strongest gains at 3.8%, while Coinbase (COIN) registered a 2.5% increase.

The upward movement coincided with market optimism surrounding potential diplomatic progress between the United States and Iran. President Trump indicated Monday that influential figures in Iran remained interested in negotiating an agreement, despite the collapse of weekend discussions.

Cryptocurrency markets had lacked clear direction following initial U.S. military operations against Iran. Although no direct economic connection exists between digital assets and the Middle East tensions, the geopolitical instability has dampened investor risk appetite throughout financial markets.

The rally proved timely for MSTR shareholders. One day prior, TD Cowen’s Lance Vitanza elevated his price target on Strategy to $385 from $350, maintaining his Buy recommendation.

Vitanza’s revision came after Strategy revealed its acquisition of an additional $1 billion in Bitcoin. The analyst highlighted that investor appetite for Strategy’s perpetual preferred stock instrument — trading under the ticker STRC — has surpassed projections, despite the company’s Bitcoin premium compression.

STRC has averaged over $240 million in daily trading volume throughout the past month, attracting diverse market participants including retail traders, institutional funds, and corporate treasury departments, per TD Cowen’s analysis.

An Aggressive Bitcoin Accumulation Strategy

Strategy amassed $25.3 billion during 2025 through various financing channels, including equity offerings, preferred securities, and at-the-market programs. Virtually all proceeds have been directed toward a single objective: acquiring Bitcoin.

As of April 13, 2026, the firm’s Bitcoin holdings reached 766,970 BTC. The company reported a 3.7% BTC yield year-to-date and has mapped out an $84 billion capital blueprint extending through 2027, incorporating a $42 billion program divided between common stock and STRC preferred shares.

Bitcoin-collateralized instruments including STRC, STRF, STRD, and STRK represent core components of its capital markets approach. During the past week alone, Strategy accumulated 4,871 additional Bitcoin, predominantly through STRC issuance.

The organization also operates its original enterprise analytics software division, generating consistent revenue streams alongside its cryptocurrency treasury activities. This dual business model distinguishes it from dedicated Bitcoin investment vehicles.

Valuation Metrics and Investment Considerations

From a fundamental perspective, MSTR appears attractively valued. Its price-to-book multiple stands at 0.97X — substantially lower than the Zacks Financial-Miscellaneous Services industry benchmark of 2.77X, the Finance sector’s 4.19X, and the S&P 500’s 7.99X.

The stock also trades at a markdown compared to industry peers. MARA Holdings commands a P/B of 1.04X, CleanSpark 1.85X, and Coinbase 3X.

Earnings projections have improved as well. The Zacks consensus estimate for fiscal 2026 projects $107.99 per share, representing a sharp reversal from 2025’s loss of $15.23 per share.

However, the stock remains down 58.6% over the trailing twelve months, substantially lagging the sector’s 17.5% appreciation. For context, CleanSpark has advanced 28.8%, while Coinbase and MARA have declined 4.9% and 26.3% respectively.

During Q4 2025, a Bitcoin price correction resulted in a $17.4 billion unrealized loss on Strategy’s financial statements — underscoring the company’s concentrated exposure to a single digital asset.

TD Cowen’s updated $385 price target contrasts with the stock’s Monday midday trading level of approximately $129.90.

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