Benchmark reiterates $570 target on Strategy with 500% upside call

Benchmark reiterated its Buy rating and $570 price target on Strategy (MSTR), framing more than 500% implied upside in a new research note anchored to the company's recently introduced Digital Credit Capital Framework.

Why it matters

The price target sits below Strategy's recent trading band, which means Benchmark's upside call is driven by the new capital framework rather than a re-rating of the existing bitcoin stack on the balance sheet. The framework restructures how Strategy raises and allocates capital against its BTC holdings, and the note's conviction reads as a bet on the framework unlocking a larger debt and equity issuance runway than the equity-at-the-market model that defined the 2024 to 2025 cycle.

Market impact

For a stock whose valuation has been debated as a leveraged bitcoin proxy versus an operating credit business, a maintained buy with a stretch target from a sell-side desk is a useful marker rather than a catalyst. Watch whether other equity-research shops update their own models in step, and whether Strategy taps the new framework in the next quarterly raise, which would convert the note from opinion into confirmed capital structure.