MSTR
The bull case is still intact
Benchmark Equity Research isn’t backing away from Strategy just because the company has spent the last five weeks not buying Bitcoin. Analyst Mark Palmer says the pause looks more like a grown-up treasury decision than a crisis of faith — basically, “we’re not shopping for more BTC right this second because we’ve got bills to pay.”
The firm reiterated its Buy rating and $570 price target on MSTR, which is the kind of number that makes the rest of the market do a double take. Strategy’s big cash reserve, now around $3.75 billion, is meant to cover preferred dividends and other balance-sheet obligations while leaving the door open to buy more Bitcoin later.
Why the market cares
This matters because Strategy is no ordinary software name anymore — it’s become a kind of Bitcoin-with-a-corporate-wrapper story. So when the company pauses BTC purchases, traders immediately start wondering if the whole playbook is changing.
Benchmark’s argument is: not so fast. The note points to Strategy’s repurchase of STRC preferred shares as evidence that management is juggling multiple capital levers at once, not abandoning the Bitcoin thesis.
The next stress test
MSTR also got a technical boost, jumping about 6% on Monday and poking up against resistance around the $100 mark. But the bigger catalyst is coming soon: earnings next week, which could give bulls fresh ammo — or remind everyone that speculative trades have a nasty habit of becoming very real very fast.
Big picture: Benchmark is basically telling investors that Strategy’s Bitcoin pause is a pit stop, not a U-turn.