After Strategy adjusted its capital framework, Wall Street institutions continued to divide their views on MSTR. Benchmark maintained a target price of $570, considering that the new arrangement increased the flexibility of companies to deal with buy-backs, preferential equity obligations and bitcoin assets at market pressure; however, two other agencies had reduced the target price.

Benchmark maintains the target price of $570.

According to Benchmark analyst Mark Palmer, the new framework allows management to manage both the finance and repurchase end. When market conditions are better, companies can issue securities; and when repurchase is more cost-effective, the related securities can also be repurchased.

As disclosed, the framework includes a reserve of $25.5 billion, equivalent to approximately 17.4 months of dividends cover capacity; and a $1 billion common stock buy-back plan, as well as a $1 billion priority stock buy-back plan, covering STRC, STRF, STRD and STRK.

Benchmark also noted that the Board had approved the sale of up to $1.25 billion in bitcoin. This authorization is still small compared to the 847,363 BTC held by Strategy, and the market ' s concern about the large-scale sale of bitcoin may be amplified.

Multi-agency lower expectations

In addition to Benchmark, TD Cowen also maintains a buy-in rating for Strategy, but lowers the target price from $400 to $260. According to the agency, the downward adjustment mainly reflects its expected weakening of the price of the bitcoin, rather than a denial of the new capital framework itself.

Canaccord General also reduced the target price for 12 months from $163 to $130, but maintained the buy-in rating. The pressure referred to by the agency came mainly from bitcoin fluctuations, capital structure risks and investor concerns about corporate finance models.

In terms of market performance, MSTR's latest report, $84, fell 8.9 per cent that day. In this calculation, the target value of Benchmark's $570 corresponds to the larger top-line space, but adjustments by other agencies indicate that there is still a clear divergence in the market on the valuation basis of Strategy.

Focus on priority shares and bitcoin.

Before Strategy launched this framework, MSTR fell by about 30 percent in a week. The company ' s market value was once lower than its bitcoin hold value, further exacerbating market sentiment.

Currently, the preferred stock structure has become the focus of investor attention. STRC has a higher repayment yield in the capital structure than normal shares, with the design goal of providing lower volatility than MSTR. However, the need for sustained funding support for the priority dividends also raised concerns.

As STRC falls in face value, the market is more concerned about whether Strategy can support such securities without over-dependence on new equity. At the same time, the company ' s share price remains highly correlated with the bitcoin trend. The report mentions that bitcoin recently traded in the vicinity of $58,487 and in June had a cumulative decline of about 20 per cent and could be recorded as falling in the third consecutive quarter.

The cumulative fall of MSTR this month was about 41 per cent, or the worst single month since 2022. Since November 2024, when the 540-dollar high point was touched, the Unit has continued to fall. It was also reported that since the launch of STRC, bitcoin had fallen by almost 50 per cent, and MSTR had fallen by about 77 per cent.