Strategy (MSTR) Stock Rises as Bitcoin Bounces and TD Cowen Lifts Price Target

TLDR

• Bitcoin rose 4.6% to $74,367, lifting crypto-linked stocks including MSTR (+3.1%), Coinbase (+2.5%), and Robinhood (+3.8%)
• TD Cowen raised its MSTR price target to $385 from $350, maintaining a Buy rating after Strategy bought another $1B in Bitcoin
• Strategy now holds 766,970 Bitcoin, bought through aggressive capital raising including a $42B equity and preferred stock program
• MSTR trades at a P/B ratio of 0.97X, below peers like MARA (1.04X), CleanSpark (1.85X), and Coinbase (3X)
• The stock has fallen 58.6% over the past year, underperforming the broader sector which gained 17.5%

Crypto-linked stocks got a boost Tuesday as Bitcoin climbed 4.6% to $74,367 over 24 hours, giving investors in Strategy (MSTR) something to smile about for the first time in a while.

Strategy Inc, MSTR

Strategy stock rose 3.1% in premarket trading. Robinhood (HOOD) led the charge among S&P 500 crypto names, up 3.8%, while Coinbase (COIN) added 2.5%.

The rally came as investors bet on a possible peace deal between the U.S. and Iran. President Trump said Monday that the “right people” in Iran still wanted to reach an agreement, even after weekend talks broke down.

Digital assets had been drifting without direction since the first U.S. strikes on Iran. While there’s no direct economic link between crypto and the conflict, the geopolitical uncertainty has weighed on risk appetite across markets.

The timing of the bounce was welcomed by MSTR bulls. Just a day earlier, TD Cowen analyst Lance Vitanza raised his price target on Strategy from $350 to $385, while keeping a Buy rating on the stock.

The upgrade followed Strategy’s disclosure that it bought another $1 billion worth of Bitcoin. Vitanza noted that demand for Strategy’s “stretch” perpetual preferred stock — known as STRC — has exceeded expectations, even as the company’s Bitcoin premium has narrowed.

Average daily trading volume for STRC has topped $240 million over the past month, with growing interest from retail investors, institutions, and corporate treasuries, according to TD Cowen.

Strategy’s Bitcoin Buying Machine

Strategy raised $25.3 billion in 2025 across equity, preferred securities, and at-the-market programs. That cash has gone almost entirely into one thing: Bitcoin.

The company now holds 766,970 Bitcoin as of April 13, 2026. Its year-to-date BTC yield stands at 3.7%, and it has outlined an $84 billion capital plan through 2027, including a $42 billion program split between common equity and STRC preferred stock.

Bitcoin-backed instruments like STRC, STRF, STRD, and STRK form the backbone of its capital market strategy. Within the past week alone, Strategy added 4,871 Bitcoin, primarily through STRC.

The company also maintains its legacy enterprise analytics software business, giving it recurring revenue alongside its crypto treasury operations. That hybrid model sets it apart from pure-play Bitcoin vehicles.

The Valuation Case — and the Caution

On paper, MSTR looks cheap. Its price-to-book ratio sits at 0.97X — well below the Zacks Financial-Miscellaneous Services industry average of 2.77X, the broader Finance sector at 4.19X, and the S&P 500 at 7.99X.

It also trades at a discount to peers. MARA Holdings carries a P/B of 1.04X, CleanSpark 1.85X, and Coinbase 3X.

Earnings estimates are heading higher too. The Zacks consensus for full-year 2026 stands at $107.99 per share, up from a loss of $15.23 per share in 2025.

But the stock has still fallen 58.6% over the past year, badly trailing the sector’s 17.5% gain. By comparison, CleanSpark is up 28.8%, while Coinbase and MARA are down 4.9% and 26.3% respectively.

In Q4 2025, a Bitcoin price drop led to a $17.4 billion unrealized loss on Strategy’s books — a reminder of how closely the company’s fortunes track a single asset.

TD Cowen’s revised price target of $385 compares to where the stock was trading around $129.90 at midday Monday.

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