Strategy raises $7.3B equity, holds 3.6% Bitcoin supply with $450 target
Strategy has expanded its Bitcoin treasury to 3.6% of total supply, valued at $53.5 billion, while raising $7.3 billion in common and preferred equity year-to-date. Bernstein reiterates an Outperform rating and $450 target on Strategy, noting its STRC instrument offers under-2% volatility with a high monthly coupon.
1. Strategy scales Bitcoin holdings and equity raise
Strategy has grown its Bitcoin treasury to represent 3.6% of the total supply, equivalent to $53.5 billion in net asset value, by acquiring tokens throughout a 19% year-to-date price decline. To support these purchases and strengthen its balance sheet, the company raised $7.3 billion in common and preferred equity during the first months of 2026.
2. Preferred instrument STRC offers stability and income
The STRC preferred shares provide investors with under 2% volatility and a high fixed monthly coupon, delivering high-beta exposure to Bitcoin’s upside while mitigating dilution pressure as trading volumes increase. This structure aims to balance risk and return for investors seeking cryptocurrency-linked exposure.
3. Bernstein maintains Outperform rating and $450 target
Bernstein has reiterated an Outperform rating on Strategy with a $450 price target, citing the company’s resilient, liquid balance sheet and growing Bitcoin holdings. The firm emphasizes that Strategy’s asset base and capital structure position it to benefit from any significant upside in Bitcoin prices.