Karla Barker 
Strategy (NASDAQ: MSTR), the company formerly known as MicroStrategy, reported a staggering $12.54 billion quarterly unrealized Fair Market Value (FMV) loss on its Bitcoin holdings. Yet, oddly enough, its stock actually rose on May 6. The reason? Bitcoin itself rebounded above $80,000 around the same time.
This market reaction suggests something interesting: investors seem to care less about traditional earnings metrics and more about the firm’s relentless focus on acquiring what some call ‘digital gold.’ The company currently holds over 818,000 BTC, which is worth somewhere around $67 billion. That’s a huge number. But it’s worth noting they also have roughly $2.25 billion in cash on hand, so they’re not exactly hurting for liquidity.
What changed, though, is the tone on the latest earnings call. Management hinted at a shift in how they view their Bitcoin strategy. That got analysts talking, and a few of them actually raised their price targets despite the big loss.
BTIG Sees a More Flexible Strategy
BTIG was one of the first to move. On May 5, they raised their Strategy stock price target from $250 to $350, keeping a ‘Buy’ rating. Their reasoning? The management team is now open to the idea of selling Bitcoin when it makes strategic sense. That’s a big deal, because for years, the company had a pretty strict ‘never sell’ policy. Investors used to treat any hint of a potential sale by Executive Chairman Michael Saylor as a red flag. So this shift, if it’s real, could be meaningful.
Still, BTIG’s overall confidence in the Bitcoin-centric business model remains intact. And honestly, that model has worked well enough that Strategy recently surpassed BlackRock as the largest institutional holder of Bitcoin. That’s not something you see every day.
A day later, on May 6, Clear Street followed suit. They also reiterated a ‘Buy’ and bumped their price target from $233 to $240.
What Wall Street Thinks Now
Looking at the broader picture, Wall Street still seems pretty bullish on Strategy. According to data from TipRanks, over the past three months, 11 analysts have weighed in. The consensus is a ‘Strong Buy,’ with 10 saying ‘Buy,’ one saying ‘Hold,’ and zero saying ‘Sell.’
The average 12-month price target is currently $315.70. That implies a potential upside of about 68.9% from where the stock is trading now. But I should mention, the forecasts vary quite a bit. On the high end, some analysts see MSTR hitting $540. On the low end, the estimate drops to $200. So there’s a lot of disagreement under the surface, even if the overall mood is positive.