Brokerage Canaccord Genuity said Strategy’s (MSTR) transformation into a “full-structured bitcoin acquisition engine” took another step forward with its maiden 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 market access, even as its fortunes remain tied to those of bitcoin. price, analysts led by Joseph Vafi wrote on Monday.
Analysts noted that S&P is currently reducing the value of Bitcoin due to its volatility, but said that could change as the asset class gains popularity, potentially improving the company’s solvency and expanding its investor base.
Monday’s report also highlighted the strong performance of Strategy’s preferred stock program, which has raised $6.7 billion across four offerings this year, including the largest U.S. IPO of 2025.
The preferred shares remain “highly accretive,” generating a 26% bitcoin return year-to-date with manageable dividend costs.
While the company reiterated its 30% bitcoin return target, Canaccord said the strategy remains a leverage play on the asset’s long-term appreciation.
The company now holds around 641,000 BTC worth around $70 billion, or around 3% of all that will ever exist, cementing its position as the largest corporate holding 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 down 1.7% in early trading, at around $265.
Learn more: Michael Saylor Strategy Added $45M worth of Bitcoin to Holdings Last Week
