Strategy Drops as Bitcoin Soars Past $87,000

Strategy Inc (NASDAQ:MSTR) shares took an unexpected turn lower on Friday, despite Bitcoin breaking above $87,000. Citi analyst Peter Christiansen had raised his price target on MSTR to $240 from $136 earlier in the day, citing a revised 12-month Bitcoin forecast of roughly $113,400, up 39%, as the main driver.

The analyst estimated that about 34% of the upside comes from the higher Bitcoin price, with the remaining 16% tied to an expected expansion in MSTR's market-to-net-asset-value multiple. Christiansen also revised his FY2027 adjusted Bitcoin Yield estimate about 190 basis points higher, to roughly 5.9%, after cutting his FY2026 estimate to negative 3.3%.

The earlier advance in Bitcoin and related equities was initially supported by shifts in the broader macro environment, including bond markets turning favorable for risk assets and a decrease in Federal Reserve tightening expectations. However, despite these positive factors, Strategy shares turned lower as the session progressed, erasing earlier gains.