Broker Canaccord Genuity said Strategy’s (MSTR) transformation into a “full-cap-structure bitcoin acquisition engine” hit a new milestone with its first S&P credit rating, a B- with a stable outlook that recognizes the company’s increasingly sophisticated balance-sheet strategy.
The rating validates Strategy’s disciplined capital management and access to markets, even as its fortunes remain tied to bitcoin’s price, analysts led by Joseph Vafi wrote Monday.
The analysts noted that S&P currently discounts bitcoin’s value due to volatility but said that could change as the asset class gains mainstream acceptance, potentially improving the company’s credit standing and expanding its investor base.
The Monday report also highlighted the strong performance of Strategy’s preferred equity program, which has raised $6.7 billion across four issues this year, including the largest U.S. IPO of 2025.
Preferreds remain “highly accretive,” driving a 26% year-to-date bitcoin yield with manageable dividend costs.
With the company reiterating its 30% bitcoin yield target, Canaccord said Strategy remains a levered play on the asset’s long-term appreciation.
The company now holds about 641,000 BTC worth roughly $70 billion, around 3% of all that will ever exist, cementing its position as the largest corporate holder of bitcoin.
The broker reiterated its buy rating on Strategy and raised its price target on the shares to $474 from $464. The stock was 1.7% lower in early trading, around $265.
Read more: Michael Saylor's Strategy Added $45M in Bitcoin to Holdings Last Week
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