Key Highlights
- Bitcoin surged 4.6% to reach $74,367, propelling cryptocurrency-related equities higher with MSTR up 3.1%, Coinbase advancing 2.5%, and Robinhood climbing 3.8%
- TD Cowen upgraded its MSTR price target from $350 to $385, reaffirming a Buy rating following Strategy’s latest $1B Bitcoin acquisition
- Strategy’s Bitcoin holdings have reached 766,970 BTC, accumulated through substantial capital raises including a $42B equity and preferred share initiative
- MSTR’s P/B ratio stands at 0.97X, trading below competitors such as MARA (1.04X), CleanSpark (1.85X), and Coinbase (3X)
- Despite Tuesday’s gains, the stock has declined 58.6% year-over-year, significantly underperforming the broader sector’s 17.5% advance
Cryptocurrency-focused equities enjoyed a solid session Tuesday following Bitcoin’s 4.6% surge to $74,367 over a 24-hour period, offering Strategy (MSTR) shareholders their first meaningful relief in recent sessions.
Strategy shares advanced 3.1% during premarket hours. Among S&P 500 crypto-exposed names, Robinhood (HOOD) posted the strongest gains at 3.8%, while Coinbase (COIN) contributed a 2.5% increase.
The upward movement emerged as market participants priced in potential diplomatic progress between the United States and Iran. President Trump indicated Monday that Tehran’s “right people” remained interested in negotiating an agreement, despite weekend discussions ending without resolution.
Digital currencies had traded sideways following initial U.S. military actions against Iran. Though no fundamental economic connection exists between cryptocurrency markets and Middle Eastern tensions, the broader geopolitical instability dampened risk-taking sentiment throughout financial markets.
For MSTR supporters, the timing proved fortuitous. TD Cowen analyst Lance Vitanza had just lifted his price objective on Strategy from $350 to $385 one day prior, maintaining his Buy recommendation.
The analyst’s revision followed Strategy’s announcement of an additional $1 billion Bitcoin purchase. Vitanza highlighted that investor appetite for Strategy’s “stretch” perpetual preferred securities — trading under the STRC ticker — has surpassed initial projections, despite narrowing in the company’s Bitcoin premium.
STRC has recorded average daily volume exceeding $240 million throughout the past month, attracting participation from individual investors, institutional players, and corporate treasury departments, per TD Cowen’s assessment.
How Strategy Funds Its Bitcoin Accumulation
Strategy generated $25.3 billion during 2025 through various financing channels including equity issuances, preferred securities, and at-the-market offerings. Virtually all proceeds have been allocated toward a single objective: Bitcoin acquisition.
As of April 13, 2026, the firm controls 766,970 Bitcoin. Its year-to-date BTC yield measures 3.7%, while management has mapped out an $84 billion capital blueprint extending through 2027. This includes a $42 billion initiative equally divided between common stock and STRC preferred shares.
Bitcoin-linked financial instruments such as STRC, STRF, STRD, and STRK represent the core of its capital markets approach. In the past week alone, Strategy accumulated 4,871 Bitcoin, predominantly through STRC offerings.
The organization retains its original enterprise analytics software division, providing steady revenue streams alongside its cryptocurrency treasury function. This dual-pronged structure differentiates it from dedicated Bitcoin investment vehicles.
Examining Valuation Metrics and Risk Factors
From a valuation perspective, MSTR appears attractively priced. The stock’s price-to-book multiple of 0.97X falls substantially below the Zacks Financial-Miscellaneous Services industry benchmark of 2.77X, the Finance sector average of 4.19X, and the S&P 500’s 7.99X reading.
It also trades at a considerable discount versus industry peers. MARA Holdings carries a 1.04X P/B ratio, CleanSpark commands 1.85X, and Coinbase trades at 3X.
Profit projections have trended upward as well. Wall Street’s consensus estimate for full-year 2026 reached $107.99 per share, representing a sharp turnaround from 2025’s $15.23 per share loss.
Yet the stock has plummeted 58.6% over the trailing twelve months, massively underperforming the sector’s 17.5% positive return. For context, CleanSpark has appreciated 28.8%, while Coinbase and MARA have declined 4.9% and 26.3% respectively.
During Q4 2025, Bitcoin’s price depreciation resulted in a $17.4 billion unrealized impairment on Strategy’s financial statements — underscoring the concentration risk inherent in the company’s single-asset strategy.
TD Cowen’s updated $385 price objective represents a substantial premium to Monday’s midday trading level near $129.90.
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