Strategy Paid ₱16.42 billion ($274 million) in Fees on Bitcoin Buys

Wall Street firms earned an estimated ₱16.42 billion ($274 million) in fees from Strategy's stock issuances used to buy Bitcoin over the past 18 months.

Those same firms now publish price targets implying 155% upside from the company's recent share price of $120. Benchmark set the highest target at $705, while Bernstein projects $600 and TD Cowen sees $440. Wells Fargo stands as the lone bear at $54.

The company raised ₱3 trillion ($50 billion) in total capital during that period, translating to a blended fee rate of 55 basis points. TD Cowen and Cantor Fitzgerald served as placement agents on many of these deals. Strategy authorized ₱1.26 trillion ($21 billion) in common stock issuance and over $30 billion in preferred stock capacity in late 2025, with $13.37 billion in common stock capacity still available as of its December 2025 filing.

Strategy now holds 766,970 BTC purchased for $54.4 billion, representing 4% of Bitcoin's total circulating supply. With Bitcoin trading in the $70,000s, those holdings are worth approximately $54 billion against a company market cap of $44 billion. The stock has fallen 64% year-to-date and 74% from its November 2024 peak, while Bitcoin dropped just 19% over the same period.

Bernstein predicts Bitcoin will hit $150,000 by the end of 2026, which would push Strategy's holdings to over $115 billion at cost basis of $54.4 billion. B. Riley Securities initiated coverage with a Buy rating in March 2026. The company bought $2.13 billion worth of Bitcoin in just eight days during January 2026 while its legacy software business generates around $120 million in quarterly revenue.

Strategy carried a persistent premium in its 2024-2025 valuations but now trades below the value of its Bitcoin holdings despite analyst targets suggesting massive upside, with billions in authorized capacity still untapped as of December 2025.