Strategy’s (MSTR) Bitcoin (BTC) Engine Hits New Phase With S&P Nod, Canaccord Says

Broker Canaccord Genuity said Strategy’s (MSTR) transformation into a “fully structured bitcoin acquisition engine” has reached a new milestone with its first S&P credit notea B- with a stable outlook that recognizes the company’s increasingly sophisticated balance sheet strategy.

The valuation validates Strategy’s disciplined capital management and access to markets, even as its fortunes remain tied to bitcoin. BTC$107,208.25 price, analysts led by Joseph Vafi wrote on Monday.

Analysts noted that S&P currently discounts bitcoin’s value due to volatility, but said that could change as the asset class gains mainstream acceptance, potentially improving the company’s credit reputation and expanding its investor base.

Monday’s report also highlighted the strong performance of Strategy’s preferred equity program, which has raised $6.7 billion in four issues this year, including the largest U.S. IPO of 2025.

The favorites remain “highly accretive,” driving a 26% year-to-date bitcoin return with manageable dividend costs.

With the company reiterating its bitcoin return target of 30%, Canaccord said the Strategy remains a leveraged play on the asset’s long-term appreciation.

The company now holds about 641,000 BTC worth about $70 billion, roughly 3% of all that will ever exist, cementing its position as the largest corporate holder of bitcoin.

The broker reiterated his buy rating on Strategy and raised his price target on the stock to $474 from $464. The stock was 1.7% lower in early trading, around $265.

Read more: Michael Saylor’s Strategy added $45M in Bitcoin to Holdings last week