Strategy’s (MSTR) Bitcoin (BTC) Engine Hits New Phase With S&P Nod, Canaccord Says

Broker Canaccord Genuity stated that Strategy's (MSTR) evolution into a "full-cap-structure bitcoin acquisition engine" has reached a new phase following its initial S&P credit rating of B- with a stable outlook. This rating acknowledges the company's increasingly sophisticated balance-sheet management and market access, according to analysts led by Joseph Vafi. The report also emphasized the success of Strategy's preferred equity program, which has raised $6.7 billion this year and remains highly accretive, yielding 26% in bitcoin year-to-date. Despite S&P currently discounting bitcoin's value due to volatility, improved mainstream acceptance could enhance Strategy's credit standing. Strategy currently holds about 641,000 BTC, cementing its position as the largest corporate holder. Canaccord reiterated its buy rating and raised its price target on the shares to $474 from $464.

(Source：CoinDesk)