-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
MSTR reported a $14.5B operating loss in Q1 2026 due to BTC value declines, though achieved a strong 9.4% BTC Yield YTD by gaining 63,410 BTC. The company purchased 89,599 bitcoins during Q1 at an average price of $80,929, deploying $7.25B in capital and bringing total Q1 holdings to 762,099 BTC. MSTR's aggressive BTC accumulation strategy continues to drive significant balance sheet expansion, with total holdings reaching 818,334 BTC as of May 3 at a $75,537 per BTC cost basis totaling $61.81B. The company successfully raised $7.37B through at-the-market offerings during the quarter, including $5.30B from common stock sales and $2.07B from STRC preferred stock issuances. BTC holdings grew 22% Y/Y, while the balance sheet reflects $2.21B in cash and cash equivalents, $8.2B in long-term debt, and $8.98B in Series A perpetual preferred stock, demonstrating the company's continued reliance on capital markets to fund its Bitcoin treasury strategy.