Bernstein sees Strategy's Bitcoin holdings doubling in bull case, sets $600 price target

Research and brokerage firm Bernstein projects that Strategy (formerly MicroStrategy) could more than double its Bitcoin holdings to over 1 million BTC—about 5% of the total supply—under a bullish scenario, according to The Block. The firm maintained an "outperform" rating with a $600 price target. Analysts value Strategy by combining its software business with its BTC treasury, which now holds over 506,000 BTC worth $44 billion. Bernstein expects Bitcoin to reach $200,000 by late 2025 and sees Strategy's leverage as manageable despite aggressive capital raises through equity and preferred shares.