Strategy repurchases $139 million of STRC shares, leaves bitcoin holdings unchanged

Strategy (formerly MicroStrategy) raised $5.41B in Q3, adding 1,666 BTC to its holdings. Only 9.5% of the raise went to BTC purchases, with the rest allocated to cash, dividends, and preferred-share buybacks. The company's BTC per share ratio decreased due to the share issuance. The article analyzes the financial implications for shareholders and the company's spending priorities.

Strategy's stock (MSTR) rose 3.5% to $156.77 after Barclays raised its price target to $175 and maintained an Overweight rating. Barclays grouped Strategy with Visa and Mastercard in the payments and fintech sector. The company's Bitcoin holdings remain central to its valuation, with recent purchases adding to its digital asset portfolio.

Circle Internet (CRCL) rose 7% to $86.39 after investing in OKX's $25B funding round, which aims for regulatory approval to trade tokenized stocks. Coinbase (COIN) gained 6% to $181.91, and Strategy (MSTR) climbed 3% to $156.40. These crypto-linked equities outperformed the iShares Bitcoin Trust ETF (IBIT) and the broader market. Circle's investment aligns it with OKX's regulatory push, while Coinbase and Strategy's gains are tied to trading volume and crypto asset prices, respectively.

TD Cowen raised its Bitcoin (BTC) price forecast to $109,000 by 2026 and $280,000 by 2029, but kept its price target for Strategy (MSTR) at $260, citing dilution risks. The analysts noted that Strategy's capital structure reduces per-share gains from Bitcoin's price increases. MSTR shares fell 2.5% to $150 on Thursday, with a 73% upside implied by the target. Strategy holds 848,000 BTC, with $4.5 billion in unrealized profit.

Bitcoin (BTC-USD) rebounded Friday after President Trump's comments eased Iran attack concerns. Strategy (MSTR) +2.5%, Robinhood (HOOD) +1.5%, Coinbase (COIN) +1.9%. Bitcoin still down 2.2% for the week. Barclays raised MSTR target to $175, Morgan Stanley increased HOOD to $160, COIN to $258. Brent crude oil fell 1.5% to $103/barrel.

MicroStrategy (MSTR) shares rose 3.6% after Barclays raised its price target to $175 from $160, classifying the company among US payments and fintech providers. The increase comes as Bitcoin rebounds to $82,700. MSTR has gained 18% in the past 30 days and 22% in six months, according to the report.