Key Insights:
- BTIG issued a “buy” rating on MicroStrategy stock with a $350 price target.
- MicroStrategy reported a $12.54 billion net loss in Q1 due to Bitcoin valuation losses.
- Michael Saylor suggested the company could sell Bitcoin selectively to support shareholder returns.
MicroStrategy (NASDAQ: MSTR) remained in focus after investment bank BTIG reiterated a bullish outlook on the stock despite the company’s weak first-quarter earnings. The latest analyst targets reflected continued confidence in the firm’s Bitcoin-focused strategy even as volatility persisted following the earnings release.
BTIG Issues Bullish Target on MicroStrategy Stock
BTIG assigned a “buy” rating to the MicroStrategy stock and set a $350 price target. The forecast placed BTIG among the most bullish firms covering the company. Several Wall Street analysts have updated their outlooks on MSTR stock in recent months as Bitcoin recovered above the $80,000 level.
According to analyst estimates compiled by FactSet, recent price targets ranged from $175 to $350. TD Cowen analyst Lance Vitanza also maintained a $350 target earlier this year. Mizuho analyst Dan Dolev projected a $320 target, while Citigroup analyst Peter Christiansen set a $260 forecast.
At the lower end, B. Riley Securities analyst Fedor Shabalin maintained a $175 target, while Canaccord Genuity analyst Joseph Vafi projected $185.
Despite the bullish outlooks, the MicroStrategy stock remained volatile after earnings. Shares closed 1.69% higher at $186.90 during regular trading on Tuesday before falling more than 4% in after-hours trading.
Q1 Earnings Show Heavy Bitcoin-Linked Losses
MicroStrategy reported first-quarter 2026 revenue of $124.3 million alongside a net loss of $12.54 billion. The company disclosed $14.46 billion in unrealized losses tied to its Bitcoin holdings. The losses reflected Bitcoin’s decline during the quarter before the recent rebound above $81,000.
Strategy still held approximately $2.21 billion in cash and cash equivalents at the end of the quarter. During the earnings call, Executive Chairman Michael Saylor suggested the company may selectively sell Bitcoin in the future to support shareholder-related obligations.
“You buy Bitcoin with credit, you let it appreciate, and then you sell Bitcoin to pay the dividend,” Saylor said during the call.
CEO Phong Le later clarified that any sales would only occur when management viewed them as advantageous to the company. The comments drew attention because MicroStrategy previously promoted a long-term “never sell” Bitcoin narrative.
MicroStrategy Continues to Expand Bitcoin Holdings
Despite reporting large unrealized losses, MicroStrategy continued increasing its Bitcoin holdings. The company now owns 818,334 BTC acquired at an average purchase price of approximately $75,537 per coin.
Management stated that Bitcoin holdings increased by 22% year over year. The company also reported a 9.4% Bitcoin yield this year following the latest BTC recovery. Prediction market data from Polymarket showed traders assigning roughly 42% odds that MicroStrategy could sell part of its Bitcoin holdings during 2026.
