Strategy Inc (MSTR.O): 2Q‘26 Incremental Takeaways vs. Last Week

First-page research excerpt

Flash |

31 Jul 2026 01:40:53 ET │ 11 pages

Strategy Inc (MSTR.O)

2Q'26 Incremental Takeaways vs. Last Week

CITI'S TAKE

Much of what was covered on Strategy's 2Q'26 earnings call was a

reiteration of themes we heard in last week's investor meetings, including

the singular focus on returning STRC to par, the commitment to building

USD reserves to 24-36 months of dividend coverage, the preference for

programmatic buybacks over large one-off interventions, and the broader

vision of STRC as a trillion-dollar digital credit franchise (see: Top 10

Takeaways from Investor Meetings with Michael Saylor). That said, the

call did provide several incremental data points and a higher degree of

specificity that are worth highlighting for investors:

Buy / High Risk

Price (30 Jul 26 16:00)

US$97.74

Target price

US$136.00

Expected share price return

39.1%

Expected dividend yield

0.0%

Expected total return

39.1%

Market Cap

US$34,724M

Peter Christiansen, CFAAC

• Incrementally the most notable update was the introduction of a concrete

timeline for STRC's return to par, with management referencing a 70trading-day window from when STRC fell below the $99-$100 trading

range on May 28th, pointing to approximately September 8th as a target

date.

Aditi Balachandran

• The call also provided greater granularity on the Bitcoin monetization

program, detailing two specific sales: 32 BTC in late May to "inoculate the

market and test processes," and 3,588 BTC in early July to fund preferred

dividends due June 30th.

• Management also disclosed that USD reserves have now reached an alltime high of $3.75 billion, representing 2.1 years of dividend and interest

coverage, and reiterated a floor of one year minimum going forward.

• On the capital structure and product strategy front, the call reinforced the

decision to consolidate rather than expand credit instruments, with Saylor

explicitly stating he would have preferred to go straight to STRC and skip

convertible bonds entirely if he could do it again.

• Saylor also addressed the June 26th episode where STRC briefly traded to

$70, attributing it to TradFi broker-dealers withdrawing high advance-ratio

…