Benchmark Affirms Buy Rating as Strategy Inc. Transitions into Digital Credit Market

Strategy Inc., the issuer of perpetual preferred stock, has released new core metrics that reflect its evolution into an emerging digital credit market. According to Benchmark's analyst Mark Palmer, this move signifies a shift from being a bitcoin accumulator fueled by convertible debt.

The company introduced Net Reserve, Net BTC, and Net BTC Per Share as its new core measures, redefining its mNAV ratio in the process. Additionally, Strategy unveiled two forward-looking metrics: BTC Hurdle ARR and BTC Floor ARR, which quantify the necessary bitcoin price levels for its capital structure to continue generating value for common shareholders.

These developments come ahead of the company's second-quarter fiscal 2026 earnings release on July 30, with Benchmark maintaining a Buy rating and $570.00 price target on Strategy stock (NASDAQ:MSTR).