Shares in Strategy are caught between two powerful narratives: a near-term earnings catalyst and a deep, unresolved divide over what the company is actually worth. This tension was laid bare as B. Riley Financial raised its price target for the bitcoin-focused firm from $175 to $188, a move that only served to highlight its position as an outlier. The median target among the 15 analysts covering the stock sits at $370, nearly double B. Riley’s revised figure.
The company’s recent activity has been anything but quiet. Strategy financed its latest bitcoin acquisition—13,927 BTC for approximately $1 billion at an average price of $71,900—exclusively through proceeds from its variable-rate preferred equity instrument, STRC. Trading in these securities recently hit a record, with volume exceeding $1 billion in a single session. Crypto analyst Lark Davis estimates the company raised about $796 million via its at-the-market (ATM) program that day, capital sufficient to purchase roughly 10,800 bitcoin.
This aggressive accumulation continues. Strategy’s total treasury now holds 780,897 BTC, acquired for a total of $59 billion at an average cost of $75,577 per coin. The scale of its market dominance was stark in March, when public and private companies collectively purchased 47,435 BTC; Strategy was almost exclusively the buyer as other participants retreated. This buildup comes with significant paper losses, however. For Q1 2026, the company reported an unrealized loss on its digital assets of $14.46 billion, partially offset by a deferred tax benefit of $2.42 billion.
Despite the bullish capital raise, Strategy’s stock performance tells a conflicted story. The shares currently trade around €116, having gained roughly 6.6% over the past week. Yet they remain nearly 58% lower year-to-date and are still about 70% below their 52-week high of €391.80. The short-term bounce barely scratches the surface of the longer-term decline.
Should investors sell immediately? Or is it worth buying Strategy?
Analyst sentiment mirrors this dichotomy. While B. Riley maintained its Buy rating, citing confidence in the long-term corporate development, its $188 target anchors the very bottom of the analyst spectrum. In contrast, TD Cowen’s Lance Vitanza recently raised his target from $350 to $385, reaffirming a Buy recommendation. He pointed to unexpectedly strong demand for the STRC preferred shares, which saw average daily volume surpass $240 million over the past month from retail, institutional, and corporate treasury buyers.
The broader context shows Strategy was not alone in receiving analyst attention. Piper Sandler upgraded Cloudflare to Overweight with a $222 target, and DA Davidson moved Symbotic to Buy with a $70 target. Mizuho and Robert W. Baird also issued upward revisions for American Tower and CVS Health, respectively, painting a picture of sector-wide optimism rather than a singular signal for Strategy.
All eyes now turn to the company’s upcoming quarterly report on May 7, with a webinar scheduled for April 30. Investors will scrutinize the valuation of the bitcoin treasury, the impact of new accounting standards for digital assets, and plans for further capital allocation. Strategy retains significant dry powder, with $21.6 billion in available STRC capacity and $27.1 billion under its common stock program—ammunition for more purchases but also potential for further shareholder dilution. The earnings release may provide clarity, but bridging the vast gap between the stock’s current price and analyst targets will ultimately depend on one volatile asset: bitcoin itself.
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