Overview
- JPMorgan and Bitwise say Strategy is unlikely to be a forced seller given its cash reserve and mNAV holding near or above 1.0, easing pressure on bitcoin prices.
- Strategy raised about $1.44 billion via at-the-market equity to fund a liquidity buffer designed to cover preferred dividends and interest for at least 12 months, with a 24‑month goal.
- The company has pivoted to a dual‑reserve model by pairing long‑duration bitcoin holdings with short‑duration U.S. dollar liquidity and disclosed it may sell BTC or use derivatives if needed.
- Bitcoin accumulation has slowed sharply to roughly 9,100 BTC in November and just 135 BTC early this month, though total holdings remain near 650,000 BTC.
- Cantor cut its 12‑month MSTR price target to $229 but kept Overweight, as analysts note no major debt maturities until at least 2027 and say MSCI index‑removal risk appears largely priced in ahead of the Jan. 15 decision.