Wall Street banks continue to rate Strategy, formerly MicroStrategy, as a buy even as the company collects hundreds of millions of dollars through stock issuance to fund additional Bitcoin purchases, raising questions about the relationship between the firms underwriting the deals and those recommending the stock.
Why banks are still rating Strategy a buy
Texas Capital Securities initiated coverage on Strategy with a Buy rating and a $200.00 price target on March 19, 2026, citing the company’s Bitcoin exposure as a core thesis.
Days later, Bernstein SocGen reiterated an Outperform rating with a $450.00 price target on March 24, 2026. The firm noted Strategy had already raised $7.3 billion for Bitcoin acquisition in 2026 year-to-date.
The tension is straightforward: banks earn fees underwriting Strategy’s stock issuance programs while simultaneously telling investors to buy the stock. That dual role does not invalidate the analysis, but it is a conflict worth noting for anyone following the trade.
KEY TAKEAWAYS
- Analyst sentiment: Both Texas Capital (Buy, $200) and Bernstein SocGen (Outperform, $450) remain bullish on Strategy.
- Capital raised: According to unconfirmed reports, banks have collected $274 million in fees from stock issuance programs tied to Strategy.
- Use of proceeds: SEC filings confirm Strategy uses at-the-market equity sales directly to purchase Bitcoin.
How the $274M stock issuance supports more Bitcoin buying
According to a single source, banks have collected approximately $274 million facilitating stock issuance for Strategy’s Bitcoin purchases. The exact breakdown of that figure has not been independently confirmed, though SEC filings outline the fee structures involved.
Strategy’s March 10, 2025 filing with the SEC disclosed a sales agreement for up to $21.0 billion of STRK preferred stock. The company agreed to pay sales agents commissions of up to 2.0% of aggregate gross proceeds under that agreement.
At-the-market offerings let a company sell shares gradually into the open market rather than through a single large block deal. For Strategy, the mechanism serves one purpose: converting equity into Bitcoin.
An April 6, 2026 SEC filing confirmed that Strategy acquired 4,871 BTC for $329.9 million between April 1 and April 5, 2026. The filing explicitly stated those purchases were made using proceeds from at-the-market share sales, similar to how institutional Bitcoin custody arrangements channel traditional finance capital into crypto holdings.
Bitcoin traded near $71,254 at press time, down roughly 3% over 24 hours, while market sentiment sat at Extreme Fear with a Fear & Greed Index reading of 16.
What this means for Strategy stock and Bitcoin exposure
As of April 5, 2026, Strategy reported aggregate holdings of 766,970 BTC acquired for a total purchase price of $58.02 billion. That makes the company by far the largest corporate Bitcoin holder, and each new ATM raise deepens that concentration.
For shareholders, the tradeoff is dilution now versus potential Bitcoin upside later. Each share sale increases the float, but if Bitcoin appreciates faster than the dilution rate, per-share exposure to BTC can still grow. That math is the core of Strategy’s investment thesis and why analysts like Bernstein SocGen project a $450 target.
The broader dynamic matters for crypto markets too. Strategy’s consistent buying through ATM programs creates a steady institutional bid for Bitcoin that operates independently of regulatory shifts or retail sentiment cycles. When the Fear & Greed Index reads 16, Strategy is still buying.
The gap between the Texas Capital target of $200 and Bernstein SocGen’s $450 reflects genuine uncertainty about how to value a company that functions as a leveraged Bitcoin vehicle. Both banks see upside, but the range suggests even bulls disagree on how much credit to give the broader crypto market trajectory.
Strategy’s next 8-K filing will show whether the pace of ATM sales and Bitcoin accumulation is accelerating or stabilizing. With $7.3 billion already raised in 2026 and a $21.0 billion STRK shelf still available, the program has significant room to run.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
Related reading: For the latest treasury update itself, read our coverage of Strategy’s 3,015 BTC purchase.
