Brokerage 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, recognizing the company’s increasingly sophisticated balance sheet strategy.
The rating validates Strategy’s disciplined capital management and access to markets, although its assets remain tied to bitcoins price, analysts led by Joseph Vafi wrote on 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 creditworthiness and broadening 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 issuances this year, including the largest U.S. IPO in 2025.
Preferreds remain “highly accretive,” driving a 26% year-to-date bitcoin yield with manageable dividend costs.
As the company reiterated its 30% bitcoin dividend target, Canaccord said the strategy remains a leveraged play on the asset’s long-term appreciation.
The company now has about 641,000 BTC worth about $70 billion, about 3% of all that will ever exist, cementing its position as the largest corporate holder of bitcoin.
The broker reiterated his buy rating on Strategy and raised his 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
