Mizuho Lowers Strategy Price Target to $213, Still Sees 110% Upside

Mizuho Securities analyst Dan Dolev cut his price target on Strategy Inc. (formerly MicroStrategy) to $213 from $265 on July 7, while reiterating an Outperform rating. With the shares trading around $100.77 at the time, the revised target still implies roughly 110% upside. The change appears to reflect updated assumptions following Strategy's push to actively monetize its sizable Bitcoin holdings. As of July 56, the company held about 843,775 BTC after completing some sales, alongside $2.55 billion in cash. In recent weeks, Strategy has rolled out additional capital tools, including a so-called Digital Credit Capital Framework, preferred stock programs, and a $1 billion share repurchase authorization. Even with the lower target, Mizuho's view remains relatively conservative compared with the broader Street. Analysts' average price target for MSTR is around $321, implying a premium of more than 200% to recent levels, and consensus sentiment stands at Strong Buy. For investors treating MSTR as a proxy for institutional Bitcoin adoption, the company's shift from primarily accumulating BTC to monetizing holdings marks an important inflection point. Previously, capital raises such as convertible notes and at-the-market equity programs largely flowed into Bitcoin purchases. The newer approach—selling portions of BTC and deploying funds through buybacks and preferred stock initiatives—positions Strategy closer to a Bitcoin-native financial operator. The $2.55 billion cash balance suggests the company is not engaging in forced selling, but rotating between Bitcoin and dollars based on market conditions. Market participants will be watching the Digital Credit Capital Framework closely; if Strategy can turn corporate Bitcoin monetization into a repeatable playbook, it could reduce the hurdles for other firms considering similar treasury strategies.