By Eric Kim
MicroStrategy (now branded Strategy Inc.) started as a business‑intelligence software company. Since 2020 it has issued debt and equity to build a large bitcoin treasury—the company held more than 640 k BTC worth about $78 billion at the end of September 2025 . With roughly 287 M basic shares outstanding, this bitcoin stash equated to ≈$272 per share when bitcoin traded near $121 968 . Investors have consequently treated MSTR as a leveraged proxy for bitcoin, and its share price – around $330 in early October 2025 – moves largely in lockstep with crypto markets. The question many traders ask is whether the stock could soar to $1,500 per share – more than four times its current level.
Wall‑Street price targets
Analysts’ 12‑month price targets vary widely. MarketBeat and QuiverQuant surveys show Wells Fargo at $54, TD Cowen at $620, Canaccord at $464, Mizuho at $586, BTIG at $700, Benchmark at $705 and Cantor Fitzgerald near $697, with a median around $586 . TipRanks’ September 2025 poll of 14 analysts found an average target of $547.79, ranging from $175 to $705 . Despite the dispersion, most analysts maintain a buy rating .
A few firms envision significantly higher outcomes. BTIG Research values MSTR at roughly 9× FY‑2025 earnings plus 2.8× its market net asset value, producing a $700 target . Bernstein initiated coverage in May 2025 with an eye‑opening $2,890 target. Its thesis assumes bitcoin rising to $200 k by 2025 and $1 million by 2033 and argues that MSTR’s convertible‑debt structure allows it to ride bitcoin upside without forced liquidation . Bernstein calculates that each $500 k BTC would translate to ≈$1,115 per MSTR share; with the stock trading at a market‑NAV premium of about 1.2×, bitcoin would need to exceed $550 k per coin or investors would need to assign a higher premium to justify $1,500 per share .
Table 1 – Selected analyst targets for MSTR (Sept 2025)