Banks rate Strategy a ‘buy’ while collecting $274M to issue stock for its Bitcoin purchases

Kripto piyasalarında dikkat çekici bir gelişme yaşandı. Strategy is one of the most aggressively promoted stocks on Wall Street, with a consensus “Strong Buy” rating and an average analyst price target that implies a 155% upside from recent prices. That's nearly double the implied upside for any other large-cap name in America. It's also, by a wide margin, the single largest issuer of new stock on any US exchange, having raised an estimated $50 billion in roughly 18 months and paid around $274 million in fees along the way.

But the companies setting and publishing those bullish targets, and the companies profiting from that issuance pipeline overlap so much that it threatens to turn into a very serious conflict of interest. The question we have to ask isn't whether anyone is breaking the law, because nobody is, at least for now. It's whether the incentive structure around Strategy has become so tightly wound that Wall Street's enthusiasm and Wall Street's compensation have merged into a single, very bullish, but unjustified emotion.

Piyasa Dinamikleri

Strategy's analyst ecosystem and who populates it The vast majority of analysts rate Strategy a buy. Bernstein maintains an Outperform with a target that previously sat at $600. TD Cowen carries a Buy at $440.

Cantor Fitzgerald rates it Overweight. Riley Securities initiated coverage with a Buy in March 2026. The high target on the street, $705, belongs to Benchmark.

Only Wells Fargo has issued a conspicuously bearish call, setting a target of just $54. What makes this coverage unusual is the context behind it. Strategy doesn't generate meaningful operating earnings from its legacy software business, which pulls in roughly $120 million per quarter.

Piyasalara Etkisi

The real driver of the stock, and the real basis for every bullish target, is Bitcoin . The company held 766,970 BTC as of early April 2026, purchased at a total cost of roughly $54. Its market cap recently sat near $44 billion while Bitcoin traded in the low $70,000s, meaning the company's holdings were worth approximately $54 billion at market.

At recent share prices around $120, the stock traded at a discount to its Bitcoin, a reversal from the persistent premium it carried through much of 2024 and 2025. Several of the companies carrying bullish ratings on Strategy also serve as placement agents, underwriters, or sales agents for the company's at-the-market issuance programs. Cantor Fitzgerald , TD Cowen, and others have appeared in SEC filings related to Strategy's various ATM offerings.

That's not uncommon in capital markets, but the scale is what makes this situation different from a typical analyst-underwriter overlap. Strategy isn't issuing stock occasionally; it's issuing stock constantly and across multiple instruments, to fund what is effectively a single bullish Bitcoin trade. The fee machine behind the Bitcoin accumulation Strategy's capital-raising apparatus now spans at least five distinct securities : its Class A common stock (MSTR), plus four series of perpetual preferred stock, each carrying different dividend rates.

Blockchain ekosistemindeki bu gelişme, dijital varlık piyasalarını şekillendirmeye devam ediyor. Uzmanlar, konunun yakın vadeli etkilerini mercek altına alıyor.