Cantor Fitzgerald initiated research coverage on Strategy (NASDAQ:MSTR) on Tuesday, assigning an Overweight rating and setting a $213.00 price target. In its initiation note, the firm described Strategy as "the world’s first BTC operating company," praising what it called a "creative and innovative approach to capital markets vehicles offering BTC exposure" that it found "impressive and widely emulated."
The firm acknowledged Bitcoin volatility but indicated Strategy’s obligations are "quite manageable" and expressed a long-term belief that continued institutional adoption of Bitcoin will support the company’s strategic vision. Cantor Fitzgerald also emphasized that Strategy’s core software business is currently a relatively "minor component to the story," while noting that a potential software turnaround could provide consistent cash flow to support further bitcoin accumulation.
Valuation framework
Cantor Fitzgerald’s $213 price target is built from a sum-of-the-parts approach. The firm applied a 2x EV/Sales multiple to Strategy’s calendar year 2026 estimated sales of roughly $492 million. On the bitcoin side, the model assumes a fiscal year 2026 bitcoin price of about $108,000 applied to an assumed holdings position of approximately 710,000 BTC. Combined, those inputs produced an enterprise value estimate of approximately $79.1 billion in the firm’s analysis.
Recent corporate moves and balance-sheet activity
Strategy Inc has disclosed a number of notable corporate and treasury actions. The company announced an increase in the annual dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock to 11.00%, up from the prior 10.75% level, with the higher rate taking effect on January 1, 2026.
Separately, Strategy declared a cash dividend of $0.916666667 per share that is scheduled to be paid on January 31, 2026, to stockholders of record as of January 15, 2026.
On the bitcoin accumulation front, the company reported acquiring 1,229 bitcoins between December 22 and December 28, 2025, at a total cash purchase price of $108.8 million. That transaction was reported to increase the company’s disclosed bitcoin holdings to 672,497 bitcoins.
Other analyst perspectives
Market participants have varied in their assessments of Strategy’s outlook. Mizuho cut its price target to $403 while retaining an Outperform rating, citing dynamics across fintech and payments as relevant context. TD Cowen also trimmed its target to $440, attributing the change to a lower fiscal year 2026 estimated Bitcoin yield but maintained a Buy rating.
Bernstein offered a different tenor in its broader crypto outlook, suggesting that Strategy’s premium could return as Bitcoin recovers and including a projection that Bitcoin could reach $150,000 in 2026 as part of that view.
Summary assessment
Cantor Fitzgerald’s initiation presents Strategy as a company whose market narrative is driven primarily by bitcoin exposure rather than its software operations, while also attaching a specific valuation path based on both operating sales and cryptocurrency price assumptions. Company-level actions such as the preferred dividend increase, the upcoming cash dividend, and additional bitcoin purchases reflect active capital allocation choices that align with the firm’s stated BTC-centric strategy.
Key takeaways
- Cantor Fitzgerald initiated coverage of Strategy (MSTR) with an Overweight rating and a $213 price target built on a sum-of-the-parts valuation combining projected sales and assumed bitcoin value.
- Management actions include an increase in the Variable Rate Series A Perpetual Stretch Preferred Stock dividend to 11.00% effective January 1, 2026, a cash dividend of $0.916666667 payable January 31, 2026, and a reported acquisition of 1,229 bitcoins in late December 2025.
- Other analysts display divergent views: Mizuho and TD Cowen lowered price targets while maintaining positive ratings, and Bernstein flagged potential premium recovery tied to a bitcoin rebound.
Risks and uncertainties
- Bitcoin price volatility - the valuation and Strategy’s BTC-driven thesis depend heavily on the future price of Bitcoin, which the initiating research firm itself recognizes as volatile.
- Execution risk for the software business - Cantor Fitzgerald notes the core software unit is a minor component today; its potential turnaround is uncertain and would be required to reliably generate cash flow for bitcoin accumulation.
- Analyst divergence - differences in price targets and assumptions among research firms illustrate uncertainty in key inputs such as Bitcoin yield and market multiples, which can affect equity valuations in the fintech and payments sectors.
These elements together outline the current analyst landscape around Strategy’s market positioning and near-term capital allocation choices.