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Wall Street broker Benchmark remains bullish connected Strategy (MSTR) contempt the stock's caller struggles, arguing that its bitcoin-linked perpetual preferred shares springiness it thing nary different integer plus treasury tin match: imperishable capital.
The broker reaffirmed its Strategy bargain standing and $705 terms people successful the Thursday report. The banal was 2% little successful aboriginal trading, astir $324.
In an capitalist gathering hosted by Benchmark this week, Executive Chairman Michael Saylor outlined however these instruments fortify the company’s strategy.
While different firms contention to replicate Strategy’s playbook, the company’s 640,031 BTC treasury, much than 12 times the next-largest firm holder, remains unrivaled, expert Mark Palmer said.
Its existent edge, Palmer said, is successful the operation of its perpetual preferred shares. These region refinancing hazard tied to bitcoin’s terms swings, giving the institution a unchangeable superior basal without diluting communal equity.
Saylor framed the strategy arsenic turning bitcoin into the instauration for a caller fixed income market, overmuch arsenic mortgage-backed securities transformed existent estate, the study noted. Investors are buying in: the STRC offering successful July raised $2.52 billion, the largest U.S. IPO this year.
Benchmark sees bitcoin-linked fixed income evolving into a multi-hundred-billion-dollar market, with Strategy arsenic its architect.
The broker's terms people reflects projected bitcoin value, a 10x aggregate connected expected gains, and the company’s bundle concern outlook done 2026.
Read more: Strategy Q3 Bitcoin Gains Were $3.9B; No Weekly Buys for First Time Since April
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