-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們假設2026年比特幣收益率為10%（年底持有99.7萬枚比特幣），目標比特幣價格為8.5萬美元，市淨率（比特幣/企業價值溢價）為1.20倍，則將12個月目標價上調26美元至198美元。我們認為傳統的估值倍數並不適用，因此將重點放在融資活動和市淨率預估上，以確定目標價。基於新增資金、比特幣平均價格和市淨率假設，我們預期MSTR將在2026年收購28萬至35萬枚比特幣。管理層已宣布計劃從被動持有型投資模式轉向主動式管理型投資模式。 MSTR目前持有價值22億美元的比特幣，即使虧本出售也能支付優先股股息，與新籌集的資金相比，股權稀釋程度更低。如果mNAV跌破1.2倍，管理層願意出售BTC，並將所得款項用於回購股票。管理層今年迄今已籌集117億美元資金，超出我們的預期。我們預計，除非mNAV成長至1.4倍-1.6倍，否則STRC仍將是新籌資的主要管道。我們預測2026年每股收益為20美元（低於先前預測的30美元），2027年每股收益為40美元（與先前預測持平）。
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