Strategy (MSTR) has received strong endorsements from Wall Street analysts following the announcement of its ambitious plan to double its capital-raising goals to $84 billion for bitcoin acquisition. The company, led by Executive Chairman Michael Saylor, is aggressively scaling up its bitcoin treasury operations despite reporting a $5.9 billion write-down in Q1 2025.
Analyst Support Remains Strong
Benchmark and TD Cowen have both maintained their “buy” ratings on Strategy stock, viewing the expanded capital raise as ambitious but achievable. Benchmark analyst Mark Palmer reiterated his $650 price target, highlighting Strategy’s “first-mover advantage” and its “demonstrated ability to create shareholder value through its treasury operations.” 1 2
TD Cowen’s Lance Vitanza acknowledged the plan’s aggressive nature but called it “by no means out of the question,” maintaining his $550 price target. He pointed to Strategy’s substantial $111 billion market cap and deep trading liquidity as factors that make the new fundraising efforts credible.
The Expanded Bitcoin Strategy
Strategy has evolved its previous “21/21 Plan” into a more ambitious framework:
• Original plan: Raise $21 billion in equity and $21 billion in fixed income
• New “42/42 Plan”: $42 billion in equity and $42 billion in fixed income by the end of 2027
The company has already raised $28.3 billion under its original plan and now aims to secure an additional $56.7 billion over the next 32 months. This acceleration comes as Strategy increases its 2025 performance targets:
• BTC Yield target increased from 15% to 25%
• BTC $ Gain target raised from $10 billion to $15 billion
Q1 2025 Performance
Despite posting a Q1 loss of $16.49 per share due to bitcoin’s price decline, Strategy continues its aggressive acquisition strategy. As of April 28, 2025, the company holds 553,555 bitcoin at a total cost of $37.90 billion, averaging $68,459 per bitcoin.
The company’s software division experienced a 3.6% decline in revenue compared to the previous year, though subscription services revenue increased from $23.0 million to $37.1 million year-over-year.
Leadership Perspective
During the earnings call, Michael Saylor emphasized the broader implications of bitcoin adoption: “The adoption of the Bitcoin standard by more companies is beneficial, legitimizing bitcoin and attracting more capital. As more companies join, it stabilizes and drives up bitcoin’s price.”
CEO Fong Li addressed concerns about dilution, stating that “Issuing equity at greater than one times mNAV is accretive, not dilutive,” while CFO Andrew Kang remained optimistic despite the Q1 unrealized loss, noting that they “expect more positive swings over time.”
Strategy shares were up 1.8% to $388 in early Friday trading, with bitcoin hovering just below $97,000.
