Key Highlights
- Bitcoin surged 4.6% to reach $74,367, boosting cryptocurrency-related equities including MSTR (+3.1%), Coinbase (+2.5%), and Robinhood (+3.8%)
- TD Cowen elevated MSTR’s price target from $350 to $385, reaffirming its Buy recommendation following Strategy’s additional $1B Bitcoin acquisition
- Strategy’s Bitcoin holdings have reached 766,970 BTC, accumulated through substantial capital-raising initiatives including a $42B equity and preferred share program
- MSTR’s P/B ratio stands at 0.97X, trading below competitors such as MARA (1.04X), CleanSpark (1.85X), and Coinbase (3X)
- The shares have declined 58.6% during the past twelve months, lagging behind the broader sector’s 17.5% increase
Cryptocurrency-focused equities experienced an upswing Tuesday following Bitcoin’s 4.6% climb to $74,367 within a 24-hour period, providing Strategy (MSTR) investors with their first notable positive momentum in recent weeks.
Strategy shares advanced 3.1% during premarket hours. Among S&P 500 cryptocurrency-related names, Robinhood (HOOD) topped the gains with a 3.8% increase, while Coinbase (COIN) rose 2.5%.
The market uptick emerged as traders anticipated a potential diplomatic resolution between the United States and Iran. President Trump indicated Monday that Iran’s “right people” remained interested in negotiating an agreement, despite weekend discussions ending without consensus.
Cryptocurrency markets had lacked clear direction following initial U.S. military actions against Iran. Though no direct economic connection exists between digital currencies and the Middle East situation, the geopolitical tensions have dampened investor risk tolerance throughout financial markets.
The upward momentum proved particularly timely for MSTR supporters. TD Cowen analyst Lance Vitanza had just increased his price objective on Strategy from $350 to $385 the previous day, maintaining his Buy recommendation.
The analyst’s revision came after Strategy revealed its latest $1 billion Bitcoin purchase. Vitanza highlighted that investor appetite for Strategy’s “stretch” perpetual preferred shares — designated as STRC — has surpassed projections, despite the company’s Bitcoin premium contracting.
STRC’s average daily trading volume has exceeded $240 million during the previous month, attracting growing participation from individual investors, institutional buyers, and corporate treasury departments, per TD Cowen’s analysis.
Strategy’s Aggressive Bitcoin Accumulation Strategy
Strategy generated $25.3 billion throughout 2025 via equity offerings, preferred securities, and at-the-market transactions. These proceeds have been directed almost exclusively toward a single purpose: Bitcoin acquisition.
As of April 13, 2026, the company’s Bitcoin portfolio contains 766,970 BTC. Its year-to-date Bitcoin yield registers at 3.7%, supported by an $84 billion capital blueprint extending through 2027, which includes a $42 billion initiative divided between common shares and STRC preferred securities.
Bitcoin-collateralized instruments such as STRC, STRF, STRD, and STRK represent the foundation of its capital markets approach. During just the past week, Strategy accumulated 4,871 additional Bitcoin, predominantly through STRC issuances.
The firm also operates its traditional enterprise analytics software division, generating consistent revenue streams alongside its cryptocurrency treasury functions. This dual-business structure distinguishes it from dedicated Bitcoin investment vehicles.
Valuation Metrics — Opportunity and Risk
From a fundamental perspective, MSTR appears undervalued. Its price-to-book multiple registers at 0.97X — significantly beneath the Zacks Financial-Miscellaneous Services industry mean of 2.77X, the wider Finance sector at 4.19X, and the S&P 500 at 7.99X.
The stock also trades at a valuation discount relative to industry peers. MARA Holdings shows a P/B of 1.04X, CleanSpark registers 1.85X, and Coinbase stands at 3X.
Earnings projections have also turned positive. The Zacks consensus forecast for fiscal 2026 projects $107.99 per share, a substantial improvement from the $15.23 per share loss recorded in 2025.
Despite these metrics, the shares have tumbled 58.6% during the past year, significantly underperforming the sector’s 17.5% advance. Comparatively, CleanSpark has gained 28.8%, while Coinbase and MARA have fallen 4.9% and 26.3% respectively.
During Q4 2025, declining Bitcoin values resulted in a $17.4 billion unrealized loss on Strategy’s financial statements — illustrating the concentrated risk inherent in the company’s single-asset concentration.
TD Cowen’s updated price target of $385 represents a substantial premium to the stock’s approximately $129.90 trading level at midday Monday.
