Analysts remain bullish on Strategy despite slower bitcoin accumulation, eye 2026 reacceleration
Analysts are bullish on Strategy's long-term bitcoin accumulation model despite recent slower accumulation and premium compression.Summary
Despite a slowdown in bitcoin accumulation and a compression of its mNAV premium to the lowest since early 2023, analysts covering Strategy remain bullish on the company's long-term strategy of converting capital into bitcoin, viewing the current pause as cyclical.
Mizuho Securities maintained an "Outperform" rating and a $586 price target, noting Strategy holds 640,808 BTC and is nearing its 30% year-to-date bitcoin yield goal, projecting a sustainable model dependent on capital market access.
TD Cowen reiterated a "Buy" but lowered its target to $535, highlighting that Strategy's new B-minus credit rating opens access to a significantly larger pool of institutional capital, potentially boosting activity by 2026. Benchmark also maintained a "Buy," viewing the premium compression as temporary and noting strong interest in the preferred-stock program for tax-advantaged exposure.
(Source：The Block)