Broker Canaccord Genuity said Strategy Inc.'s (MSTR) transformation into a “full-cap Bitcoin acquisition engine” has reached a new milestone with a stable outlook of B-, the first S&P credit rating to recognize the company's increasingly sophisticated balance sheet strategy.
This rating attests to the company's disciplined capital management and market access, even though its fortunes remain tied to Bitcoin. BTC$107,599.87 Prices analysts led by Joseph Buffy wrote on Monday.
Analysts said S&P currently discounts Bitcoin's value due to volatility, but that could change if the asset class gains mainstream acceptance, potentially improving the company's credit standing and expanding its investor base.
Monday's report also highlighted the strong performance of Strategy's preferred stock program, which raised $6.7 billion this year across four issues, including the largest U.S. IPO of 2025.
Preferred stocks remain “highly accretive,” with Bitcoin yielding 26% year-to-date with manageable dividend costs.
The company reiterated its 30% Bitcoin yield target, and Canaccord said the strategy remains one that is leveraged by the asset's long-term upside.
The company currently holds about 641,000 BTC worth about $70 billion, representing about 3% of all Bitcoin that will ever exist, solidifying its position as the largest corporate holder of Bitcoin.
The broker reiterated its buy rating on Strategy and raised its price target on the stock from $464 to $474. Shares were down 1.7% at around $265 in early trading.
read more: Michael Saylor's strategy added $45 million in Bitcoin to his holdings last week
