Bernstein: Strategy's BTC Holdings Expected to Double in the Future, Price Target $600

On March 26th, following the release of the fourth-quarter financial results and the latest Bitcoin acquisition news at the research and brokerage firm Bernstein, analysts updated their stock price model for Strategy (formerly MicroStrategy). They reaffirmed their Outperform rating and set a target price of $600, which represents a 75% increase. According to Bernstein's bullish scenario, Strategy's Bitcoin holdings are expected to more than double to approximately 5.8% of the current 19.8 million BTC in circulation, up from the current approximately 2.5%. This assumes that Strategy can significantly expand its Bitcoin acquisition plan, along with a more favorable capital market, lower interest rates, and a continuing bull market cycle. Analysts stated that in this scenario, Strategy's debt (including preferred shares) would rapidly rise from the current $11 billion to around $100 billion, while its equity value would reach approximately $840 billion. The analysts project that Bitcoin will reach a peak of around $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033, with intermittent one-year bear markets during this period.