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STRC Preferred Stocks rebound strongly
Wall Street View
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MSTR shares rose 5.1% to US$135.17 after August CPI data fell below expectations, easing market concerns about aggressive interest rate hikes.
STRC preferred shares hit a 15-week high of $98.64, rebounded 38% from their June 26 low and were only $1.36 below face value.
Since July, the company has bought back $811.5 million worth of STRC shares through funds from the sale of MSTR shares and liquidation of Bitcoin.
Canaccord Authenticity raised its target price for MSTR to US$179, maintaining its "Buy" rating.
Technical resistance appears at the 200-day simple moving average (SMA) of $138, with support set at $126.
Strategy (MSTR) Market Performance
On September 11, Strategy (MSTR) shares rose 5.1%, hitting an intraday high of $137, and then closing at $130. The rise follows the release of August consumer price index (CPI) data, which showed a 0.33% month-on-month increase in core inflation indicators, raising the probability of the Federal Reserve raising interest rates to 79%, and triggering increased volatility in cryptocurrency-related stocks.
Strategy firm, MSTR Bitcoin hovered around $77,000 ahead of the inflation report, facing pressure from rising oil prices and high government bond yields. Slightly better-than-expected overall data provided breathing space for risky assets and helped MSTR significantly outperform broader market benchmarks. The S & P 500 rose 0.9%, the Dow Jones Industrial Average rose 0.8%, and the Nasdaq Composite Index rose 1.1%.
The stock's 52-week trading range is between US$81.81 and US$365.21, leaving MSTR still far behind its previous highs.
STRC preferred stocks rebound strongly
An important catalyst behind MSTR's optimistic outlook is the recovery of its STRC preferred stocks. On September 11, the STRC closed at $98.64, its strongest closing performance since June 1. That price puts it just $1.36 short of its face value of $100, a rebound of 38% from the low of $71 recorded on June 26.
Strategy has been systematically buying back STRC shares, allocating US$176 million in its latest transaction, bringing the cumulative repurchase amount to US$811.5 million since it launched the repurchase program in July. The company funded these acquisitions by strategically selling MSTR equity and Bitcoin positions.
An analyst on the X platform elaborated a bullish argument: If the STRC returns to or above par value, Strategy will unlock the opportunity to enter the expanded preferred stock financing framework. This would allow companies to obtain additional funds to accumulate bitcoins, potentially amplifying MSTR's Market-to-NAV multiple.
Wall Street View
Analysts calculated that MSTR's current mNAV multiple is 1.11 times and recommended expanding it to 1.5 times mNAV, which he believes is a modest assumption that would keep the stock at around $185 based on existing NAV metrics. This forecast does not include the impact of incremental Bitcoin acquisitions facilitated by the fully operational STRC capital mechanism.
Canaccord Authenticity independently raised its target price for MSTR from US$175 to US$179, expressing confidence in the recovery of Bitcoin prices. The company reiterated its "buy" rating.
Regarding balance sheet development, Strategy announced on September 8 that it would expand its digital credit securities repurchase authorization to US$2 billion. The company also confirmed that it has $5.1 billion in U.S. dollar reserves and $1 billion in MSTR stock repurchase capabilities.
Due to the recent correction in BTC prices, unrealized gains on Strategy's Bitcoin portfolio have shrunk to US$1.3 billion.
From a technical perspective, MSTR encountered resistance from the 200th SMA of US$138 on September 11, but failed to establish a close position above this threshold. The Chaikin fund flow indicator recorded 0.17, indicating that buying momentum continues to dominate selling pressure. If buying interest weakens,$126 in the 100th SMA represents the next support area. A close below $130 could expose an Aug. 21 low of $117.
Other cryptocurrency-related stocks also showed moderate gains. Coinbase (COIN) gained 1.73% during the session, while Circle (CRCL) gained 0.31%.
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