Overview
- Citi’s 12-month target assumes bitcoin reaches $181,000 and that MSTR trades at a 25%–35% premium to net asset value.
- In a bear case with bitcoin down 25% and the NAV multiple flipping to a 10% discount, Citi projects about a 61% decline in the stock.
- MSTR gained roughly 1.5%–1.7% on Tuesday to around $301 after the initiation note.
- Strategy disclosed a purchase of 168 BTC at an average price of $112,051, bringing total holdings to 640,418 BTC.
- The company continues to fund bitcoin buys through at-the-market preferred stock issuances alongside equity and convertible debt programs.