Michael Saylor's Strategy the Architect of New Bitcoin-Backed Fixed Income Market: Benchmark

Wall Street broker Benchmark remains bullish on Strategy (MSTR) despite the stock's recent struggles, arguing that its bitcoin-linked perpetual preferred shares give it something no other digital asset treasury can match: permanent ￰0￱ broker reaffirmed its Strategy buy rating and $705 price target in the Thursday ￰1￱ stock was 2% lower in early trading, around $324. In an investor meeting hosted by Benchmark this week, Executive Chairman Michael Saylor outlined how these instruments strengthen the company’s ￰2￱ other firms race to replicate Strategy’s playbook, the company’s 640,031 BTC treasury, more than twelve times the next-largest corporate holder, remains unrivaled, analyst Mark Palmer ￰3￱ real edge, Palmer said, is in the structure of its perpetual preferred ￰4￱ remove refinancing risk tied to bitcoin’s price swings, giving the company a stable capital base without diluting common ￰5￱ framed the strategy as turning bitcoin into the foundation for a new fixed income market, much as mortgage-backed securities transformed real estate, the report ￰6￱ are buying in: the STRC offering in July raised $2.52 billion, the largest ￰7￱ this ￰8￱ sees bitcoin-linked fixed income evolving into a multi-hundred-billion-dollar market, with Strategy as its ￰9￱ broker's price target reflects projected bitcoin value, a 10x multiple on expected gains, and the company’s software business outlook through ￰10￱ more: Strategy Q3 Bitcoin Gains Were $3.9B; No Weekly Buys for First Time Since April