Balancing Bitcoin Treasury Growth and Steady Software Fundamentals: Maintaining a Buy Rating Despite Lower Price Target

Maxim Group analyst Matthew Galinko has maintained their bullish stance on MSTR stock, giving a Buy rating yesterday.

Matthew Galinko has given his Buy rating due to a combination of factors that balance near‑term market pressure with the company’s long‑term positioning. He highlights that Strategy has solidified itself as a leading digital asset treasury vehicle, aggressively increasing its Bitcoin holdings through sizable equity and preferred stock financings, and now controls a very large Bitcoin position relative to its share base. Despite a recent decline in Bitcoin per share driven by share issuance, Galinko views the capital raise and associated cash buffer as strategically positive, as it both funds continued BTC accumulation and strengthens the company’s financial flexibility. He also underscores that, even in a challenging Bitcoin environment marked by a material drawdown, the company’s balance sheet remains anchored by substantial digital assets and strong access to capital.

At the same time, Galinko notes that Strategy’s core software business continues to perform steadily, with revenue growth modestly ahead of expectations and a meaningful, ongoing shift toward cloud-based, subscription revenue. This operational base adds incremental value beyond the Bitcoin holdings and provides a recurring revenue component that can support the overall equity story. While he acknowledges that Bitcoin is currently in a bear phase and that the stock’s market cap versus net asset value could slow the pace of new BTC accumulation, he believes volatility may still create attractive windows to raise capital and add to the treasury. Incorporating a lower assumed Bitcoin price in his valuation framework leads him to reduce the 12‑month price target, but his model still supports upside from current levels, justifying the decision to maintain a Buy rating.

In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $250.00 price target.

MSTR’s price has also changed dramatically for the past six months – from $383.410 to $134.930, which is a -64.81% drop .