Overview
- Strategy built a $1.44 billion U.S. dollar reserve via at‑the‑market equity sales to cover preferred dividends and interest for at least 12 months, with a goal of extending to 24 months.
- The company’s Bitcoin accumulation has tapered sharply from roughly 134,000 BTC at the 2024 peak to about 9,100 BTC in November and just 135 BTC so far in December, though holdings still stand near 650,000 BTC.
- Cantor Fitzgerald cut its 12‑month MSTR price target to $229 from $560, citing a compressed mNAV near 1.18x and reduced capital‑raising capacity, but it kept an Overweight rating.
- Strategy disclosed it may sell Bitcoin or use derivatives as a risk‑management tool under stressed conditions, marking a shift from a prior stance that implied it would never sell.
- With MSCI’s DATs decision due January 15, JPMorgan and other analysts say recent underperformance likely reflects the risk already, and they view an mNAV above 1 and a strengthened cash position as buffers against forced BTC sales.