Benchmark has cut its 12-month price target on treasury firm Strategy’s Bitcoin from $705 to $570, maintaining a buy rating but marking its model on Bitcoin’s cool path after brutal declines in both BTC and Strategy stocks.
Summary
- Benchmark lowered its 12-month price target on treasury firm Bitcoin Strategy from $705 to $570, according to a new client note cited in market reports.
- The investment bank maintains its buy rating, but lowers expectations after sharp declines in both Strategy and Bitcoin share prices.
- The move follows months of volatility in Strategy stock, which Benchmark had previously defended as an ongoing Bitcoin accumulation play.
Benchmark lowered its price target for Strategy (NASDAQ: MSTR ) from $705 to $570, according to market news shared on X and confirmed by the latest analyst ratings. The company maintains a buy rating, but the lower target reflects a tepid view on near-term upside after Strategy stock has fallen alongside Bitcoin since its highs earlier in the year.
Benchmark was one of the best houses in Strategy. In many notes over the past year, the bank’s analyst, Mark Palmer, reiterated the goal of $705 focused on Bitcoin’s aggressive path, at least one piece of Investing.com noting that the model assumes that BTC will reach $225,000 by the end of 2026. Holdings, a multiple of 10x in 2026 “Bitcoin dollar profits,” and the residual value of the legacy software unit.
With MSTR down more than 60% from its mid-2025 highs—falling from around $457 to around $150 in less than six months—the Benchmark has held steady at $705, arguing in a widely circulated note that Strategy was still a ‘bitcoin-focused company’, not that Treasury-focused software company under BTC. embedded selection when the next Bitcoin leg is played.
As of early Q2 2026, third-party trackers such as BitcoinTreasuries estimate that Strategy holds more than 818,000 BTC, making it the world’s largest listed Bitcoin treasury by a wide margin. That balance sheet exposure means any rebalancing of BTC’s price targets flows directly into the equity ratio, which helps explain why the Benchmark is now narrowing its upside band to $570 as the crypto market retests cyclical excesses.
In an April study summarized by MEXC, Benchmark went out of its way to defend STRC’s often preferred funding model for Strategy, arguing that spending unlimited money to buy Bitcoin is “sustainable” and rejecting critics who liken the structure to a Ponzi scheme. The bank called Strategy “a pioneer, not a pariah, in corporate Bitcoin adoption,” and that broad thesis hasn’t changed even as the headline target drops.
At the moment, the price of $570 still means a big increase from the current trading levels, but it also shows that even permabulls like Benchmark are starting to mark their models in the way of a slightly happy Bitcoin. How that interacts with on-chain dynamics and ETF flows is a theme crypto.news has been following closely in recent coverage, as well as in-depth in Strategy’s equity-driven currency and analytics-focused account.
