By Eric Kim
In the past five years MicroStrategy – now known as Strategy Inc. but still trading under MSTR – has undergone a dramatic metamorphosis. Once a niche business‑intelligence software vendor, it has become the largest corporate holder of bitcoin, essentially transforming its stock into a levered bet on the cryptocurrency’s fortunes . MicroStrategy held roughly 450,000 BTC as of January 2025 and had expanded that to more than 640 k BTC by September 2025, worth about $78 billion . The company continues to raise capital and issue convertible debt to accumulate even more bitcoin; its “21/21” plan calls for raising $42 billion ($21 billion in equity and $21 billion in fixed income) by 2027 to fund further purchases .
Analysts see growing upside
Wall‑Street analysts have become increasingly optimistic. TD Cowen raised its price target to $680 in July 2025, highlighting that MicroStrategy’s status as the largest corporate bitcoin holder and its cost‑of‑capital advantage position it to capitalize on a favourable crypto environment . Barclays lifted its target from $421 to $475 while maintaining an overweight rating, and H.C. Wainwright increased its target from $480 to $521 . According to Barchart, MSTR gained 172 % over the prior year and was still up 46 % year‑to‑date as of July 2025 . TipRanks’ survey of 14 analysts in September 2025 reported a strong‑buy consensus, with 12 buys, one hold and one sell . StockAnalysis also notes that 12 analysts give MSTR a “Strong Buy” rating and a 12‑month target of ~$495, implying about 50 % upside from October 2025 levels .
Bitcoin tailwinds and accelerating adoption
MicroStrategy’s bullish narrative rests on the belief that bitcoin adoption will accelerate. Executive Chairman Michael Saylor has argued that bitcoin could soar 12,400 % to $13 million by 2045, eventually representing 7 % of global capital and trading more heavily than the S&P 500 . He expects halving cycles – which reduce new bitcoin issuance every four years – combined with spot‑ETF approvals and increasing institutional participation to tighten supply and drive prices higher . This view echoes other bullish forecasts: ARK Invest’s Cathie Wood projects bitcoin at $3.8 million by 2030, venture capitalist Chamath Palihapitiya sees $1 million by 2040‑42, and Fidelity suggests bitcoin could reach $1 billion per coin by the end of the decade . If such targets materialize, the value of MicroStrategy’s bitcoin stash could dwarf its current enterprise value .
Regulatory progress has also been a catalyst. In early 2025 the U.S. approved several spot‑bitcoin ETFs, opening the asset class to a broader investor base. Countries experiencing high inflation are exploring bitcoin adoption as a “digital gold” reserve asset , while large asset managers and Wall Street firms are launching crypto‑linked products. MicroStrategy, with its new Stretch digital‑credit product, is beginning to leverage its bitcoin holdings to offer bitcoin‑backed loans . Such innovations could create additional revenue streams and attract capital from yield‑seeking investors.
Long‑term forecasts show room for explosive growth
While consensus 12‑month targets remain in the mid‑$500s, some models point to dramatically higher valuations. A widely cited Financhill analysis of the YieldMax MSTR income ETF (MSTY) models a scenario in which bitcoin quadruples to about $150 k by 2030. In that bullish case, MSTR’s share price climbs from roughly $300 in April 2025 to $600 by late‑2025, and then to $1,000–$1,500 by 2030, assuming periodic rallies and high volatility . The base case anticipates a price range of $300–$450 through 2030, showing how sensitive outcomes are to bitcoin’s trajectory .
Even more extreme scenarios exist. A Nasdaq article notes that if MicroStrategy doubles its bitcoin holdings again by 2030 and bitcoin hits $1 million per coin, its stake could balloon to $380 billion. In that case, assuming bitcoin still represents about one‑quarter of its enterprise value, the company could expand to a $1.5 trillion market cap, delivering a 50‑bagger gain from current prices . Such a meteoric rise would easily push the share price well above $1,500, though it depends on bitcoin’s price rising parabolically and MicroStrategy maintaining its accumulation strategy.
Table 1 – Bullish projections for MSTR