Renowned Wall Street investment firm Canaccord Genuity recently issued a research report reaffirming its "buy" rating on Strategy Corporation (MSTR.US), led by Michael Saylor, maintaining a 12-month target price of $464. As of Friday's close, Strategy shares closed at $334.41, suggesting that this company dubbed the "Bitcoin mega holder" and "Bitcoin shadow stock" could resume its bull market trajectory according to Canaccord Genuity - with the $464 target price implying nearly 40% potential upside.

Canaccord Genuity's equity analyst team stated in their research report that Strategy is one of the strongest growth stocks worth buying currently, reiterating their high target price of $464. The firm's analysts believe that Strategy's preferred stock sales are significant drivers of shareholder value, noting that the company raised over $6 billion in cash through these issuances this year, making it "one of the most successful fundraising cases in U.S. capital market history."

The analysts added that while Bitcoin's extreme volatility poses considerable risk, Strategy remains "one of the most innovative cryptocurrency companies" in their coverage universe. Canaccord Genuity's equity analyst team even expects more companies to emulate Strategy's financial strategy - adopting its Bitcoin-driven financial approach.

Notably, Canaccord Genuity is not the only Wall Street institution bullish on Strategy shares recently. Mizuho reaffirmed its "outperform" rating in early August while significantly raising its target price to $586. BTIG and Benchmark are even more optimistic, forecasting the company's stock price could break above $700, highlighting Wall Street's expectation that Strategy shares could embark on a new bull market trajectory driven by both Bitcoin's potential rally and the stock's premium relative to Bitcoin.

The Most Successful Investment Bank in Human Financial History

Strategy has even been dubbed the "most successful investment bank in human financial history" by some financial commentators. From teetering on the brink of bankruptcy to achieving a market capitalization that once exceeded $100 billion, fueled by investor frenzy over its massive Bitcoin holdings, the company indeed deserves this title.

The company's current market capitalization far exceeds the market value of its Bitcoin holdings. Previously, due to holding substantial Bitcoin positions, it followed Bitcoin's "super bull market" breakthrough above $120,000 in 2024, achieving a "meteoric stock price surge."

As of August 29, 2025, Strategy (formerly MicroStrategy Corporation) disclosed its Bitcoin holdings at 632,457 bitcoins (BTC). The company's official website "Purchases/Metrics" page corroborates with recent media disclosures of additional purchases (3,081 bitcoins added on August 25).

Since Saylor began investing almost all of the company's cash in Bitcoin to hedge against inflation in 2020, Strategy's stock price has risen approximately 2,350%. During the same period, Bitcoin's price increased about 700%, making Strategy truly worthy of being "the most successful investment bank in human financial history."

This technology company controlled by co-founder and Chairman Saylor has frequently purchased Bitcoin during market dips in recent years. Therefore, under the "public company/corporate holdings" category, Strategy remains the world's largest corporate-level Bitcoin holder. Multiple authoritative data sources (Financial Times, BitcoinTreasuries, Visual Capitalist, CoinDesk) all rank it first, with holdings far exceeding mining companies and other publicly traded fund-type investment institutions.

Strategy has long raised funds through equity and convertible bond issuances to purchase more Bitcoin. When the stock price trades above its Bitcoin net asset value (NAV), new equity financing often has an accretive effect on BTC per share, making the stock a "recursive leveraged long on BTC." Simply put: it's more like a "call option" than direct Bitcoin ownership. This is the fundamental logic behind the premium.

As long as the premium exists, Strategy's management may continue to choose high-level issuances, exchanging fewer shares for more BTC, further amplifying Bitcoin exposure. When market volatility increases, convertible bond arbitrage and volatility pricing provide "implicit subsidies" for this model. Multiple institutional research papers and columns call this a "flywheel" utilizing capital structure and market microstructure.

Corporate governance aligned with long-term Bitcoin bullish narratives strengthens market perception of "high liquidity + pure beta + leveraged alpha," driving up the company's long-term market premium relative to Bitcoin holdings (mNAV>1). However, the greatest risk lies in premium compression when markets worry about "dilution from issuances/increased refinancing difficulty" or when the "flywheel" slows due to Bitcoin pullbacks (premium compression market volatility occurred in August this year).

Bitcoin Bull Market Far from Over?

If the Bitcoin bull market continues, the wild rally of Strategy shares - "the most successful investment bank in human financial history" - is equally far from over. Investors optimistic about Bitcoin prospects generally believe that with the continued decline of the U.S. dollar exchange rate, Bitcoin, which combines safe-haven properties with reserve value, will surge toward $200,000 before year-end.

Although the Dollar Index occasionally rebounds after easing U.S.-China trade tensions, an increasing number of Wall Street investment institutions indicate that such rebounds are merely fleeting, emphasizing that a potential multi-year "dollar bear market" is just beginning. The catalyst is the Trump administration's chaotic and disorderly "American economic transformation campaign" that disrupts the global trading system, along with significant threats to Federal Reserve monetary policy independence.

Standard Chartered, which accurately predicted Bitcoin's unprecedented bull market curve in 2024, has repeatedly championed Bitcoin this year. The institution predicts Bitcoin price (BTC-USD) will surge to the historic milestone of $200,000 before the end of 2025, also forecasting Bitcoin will skyrocket to $500,000 before Trump officially leaves office in 2029.