After rebrand, ‘Strategy’ shares 2025 targets

On yesterday’s earnings call, Strategy CEO Phong Le reiterated the company’s 21-21 plan detailed in Q3

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First, MicroStrategy rebranded to, well, just Strategy. Then it detailed its plans for 2025.

If you weren’t yet convinced the company formerly known as MicroStrategy was all in on bitcoin, perhaps yesterday changed that.

Strategy’s orange logo features a bitcoin “B.” Company leaders, after Wednesday’s market close, pledged to stick with its plan to raise, purchase, and repeat.

The self-proclaimed bitcoin treasury company (and now a Nasdaq 100 stock) held 471,107 BTC, as of Feb. 2 — worth roughly $46 billion at that time. It acquired 258,320 for $22.1 billion in 2024 (avg. price of $85,447 per BTC). 

On yesterday’s earnings call, Strategy CEO Phong Le reiterated the company’s 21-21 plan detailed in Q3 — raising $21 billion of equity and $21 billion from fixed income securities between 2025 and 2027. Strategy has made progress there faster than anticipated due to “favorable market dynamics,” he noted. 

The capital-raising/BTC-buying ramp-up in Q4 was clear. Strategy raised $15 billion through equity issuances and $3 billion via convertible debt. It had raised $10 billion over the previous 17 quarters (dating back to first adopting BTC as its treasury reserve asset).

The company is shifting its focus in 2025 to fixed income issuances (i.e. convertible notes, preferred stock), Le said. Its long-term leverage target is 20-30% of its BTC holding value.

In a Thursday research note, Benchmark’s Mark Palmer pointed to Strategy upping its 2025 BTC yield target to at least 15% — up from the 6-10% figure it offered on the last earnings call. 

Though Strategy paused its BTC-buying spree last week, Palmer said the company’s $10 billion BTC dollar gain target (quantifying shareholder value created by its treasury operations) implies it will continue to “aggressively” raise capital to fuel BTC buys.

Palmer kept his price target for MSTR (the ticker remains) at $650. The stock was trading around $326 at 1:30 pm ET.

Oh, and Strategy wants you to know it’s launched a merchandise store for all your apparel needs. To each their own.


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