Michael Saylor's Strategy the Architect of New Bitcoin-Backed Fixed Income Market: Benchmark

Core Viewpoint - Benchmark remains optimistic about Strategy (MSTR) despite recent stock struggles, emphasizing the unique advantage of its bitcoin-linked perpetual preferred shares which provide permanent capital [1][3]. Group 1: Company Strategy - Executive Chairman Michael Saylor highlighted the strength of the company's 640,031 BTC treasury, which is over twelve times larger than the next largest corporate holder, as a key competitive advantage [2]. - The structure of the perpetual preferred shares mitigates refinancing risks associated with bitcoin price fluctuations, ensuring a stable capital base without diluting common equity [3]. Group 2: Market Potential - Benchmark anticipates the evolution of bitcoin-linked fixed income into a multi-hundred-billion-dollar market, positioning Strategy as a leading architect in this space [4]. - The broker's price target of $705 reflects projected bitcoin value and a 10x multiple on expected gains, alongside the company's software business outlook through 2026 [4]. Group 3: Recent Developments - The STRC offering in July raised $2.52 billion, marking it as the largest U.S. IPO of the year, indicating strong investor interest [3].