Cantor Backs Strategy With $212 Target to Restore STRC to Par

Here's Why Cantor Says Returning STRC to $100 Is Key to Strategy's 3-Step Recovery

Cantor Fitzgerald reaffirmed its Overweight rating on Strategy (NASDAQ: MSTR) with a $212 price target on July 1, 2026, citing the company's newly announced Digital Credit Capital Framework as the essential path to restoring its preferred stock STRC to its $100 par value, the critical threshold that unlocks Strategy's primary capital-raising engine for continued Bitcoin accumulation. Without STRC trading at par, the company's ability to issue new shares through its at-the-market program and raise capital efficiently remains effectively paused.

Strategy's board has approved a $1.25 billion Bitcoin monetization program and a $2 billion total buyback, while raising the STRC dividend rate from 11.5% to 12% for all record dates on or after July 1, 2026 moves designed specifically to correct the preferred equity tier and encourage investors to push STRC back to the $100 level.

STRC had fallen as low as 25% below par in late June 2026, with MSTR shares trading near their 52-week lows before bouncing 6–8% after the framework's release. Strategy CEO Phong Le further signaled management commitment by personally purchasing $1 million of STRC stock, publicly stating he plans to hold it until it reaches par.

The structural pressure on STRC carries a self-reinforcing loop: when capital raising is impaired, Strategy cannot buy more Bitcoin, removing one of the market's largest buyers, which in turn causes Bitcoin prices to fall further reducing the value of Strategy's treasury and compressing the mNAV premium that underpins MSTR's stock valuation. CryptoQuant analysts estimated Strategy's unrealized Bitcoin losses at approximately $10.6 billion as of late June.

Wall Street consensus price targets on MSTR range from $130 to $570, averaging $321 representing roughly 219% upside from early July levels though analysts emphasize that Bitcoin holding the $60,000 support level remains the single most important variable determining whether the recovery becomes durable.

Cantor noted that Strategy's management intends to evaluate the STRC dividend rate monthly based on trading levels, market yields, credit spreads, Bitcoin price volatility, USD reserve coverage, and overall capital structure signaling a sustained, data-driven commitment to restoring the preferred share to par rather than a one-time intervention.