Mizuho Says Strategy MSTR Could Hit $484 as Bitcoin Bets Grow

Mizuho Securities has reaffirmed its $484 price target for Strategy MSTR.

The $2 trillion Japanese investment bank maintained its Outperform rating on the stock and shows continued conviction in the Bitcoin treasury company’s strategy.

Analyst Dan Dolev at Mizuho Financial Group issued the reaffirmation as MSTR trades at approximately $188.39, down 56% from its May 2025 peak of $455.

The current price sits well below Mizuho’s target, suggesting the firm sees over 150% upside potential from current levels.

Mizuho Maintains Strategy MSTR Conviction After Volatility

The reaffirmation comes during a period of major pressure on Strategy MSTR stock. The company’s shares have faced considerable volatility throughout 2025, with traders divided on near-term direction.

During the CFO Q&A, Strategy highlighted its capital strategy and Bitcoin holdings as key pillars. The company raised $1.44 billion to strengthen its USD reserves and secure 21 months of preferred dividend coverage without requiring Bitcoin sales.

This defensive positioning has strengthened Mizuho’s confidence in Strategy MSTR’s ability to execute its plan regardless of near-term Bitcoin price movements.

Strategy MSTR Holds 650,000 Bitcoin Worth Billions

Strategy holds approximately 650,000 BTC as of December 4, 2025. This position accounts for roughly 3.1% of all Bitcoin that will ever exist. This makes the company one of the largest corporate Bitcoin holders globally.

The Bitcoin holdings carry a valuation of around $60 billion depending on current market prices. Strategy’s most recent acquisition came on December 1-2, when the company purchased 130 Bitcoin for approximately $11.7 million.

Mizuho’s Strategy MSTR Price Target Evolution

Mizuho’s price target for Strategy MSTR has undergone several revisions throughout 2025. On January 29, Mizuho initiated coverage with an “Outperform” rating and a $515 price target. The initial target showed 51.55% upside from then-current prices.

On August 11, Mizuho raised its price target from $563 to $586 following Strategy’s Q2 2025 earnings report. The company reported Q2 revenue of $114.5 million and EPS of $32.60, while expanding Bitcoin holdings to 628,791 coins.

The analyst noted strong capital raise activities generating over $10 billion through ATM programs and public offerings.

Following Q3 2025 results announced on October 30, Mizuho adjusted its price target downward from $586 to $484 on November 10 while maintaining the Outperform rating.

The reduction followed a revision to the analyst’s valuation model after the earnings announcement. Q3 results showed EPS of $8.42, operating income of $3.9 billion, and net income of $2.8 billion. Strategy held 640,808 Bitcoin by quarter-end.

The December 2 reaffirmation at $484 came after the CFO Q&A session. The analyst’s continued conviction at this lower target suggests confidence in Strategy’s valuation and capital structure despite the stock’s decline from its May peak.

Strategy Raises $20 Billion for Bitcoin Purchases

Strategy raised nearly $20 billion year-to-date through 2025 to fund Bitcoin purchases. The company raised $5.1 billion in Q3 alone through ATM programs and public offerings.

The capital raising program funds Bitcoin accumulation through both common stock and preferred stock issuances. Strategy has utilized multiple financing vehicles throughout the year to sustain its buying program, regardless of market conditions.

Strategy announced the establishment of a $1.44 billion USD Reserve on December 1, 2025. The reserve covers debt and dividend obligations, providing approximately 21 months of preferred stock dividend payments initially.

The company stated its intention to grow the reserve to cover 24 months of payments over time. The reserve structure reduces the likelihood of forced Bitcoin liquidation to meet corporate obligations.

Strategy MSTR Faces Divided Market Sentiment

The current MSTR trading around $188.39 highlights the gap between Mizuho’s $484 target and market pricing. The 56% decline from May’s $455 peak has created uncertainty among investors about the stock’s near-term trajectory.

Traders remain divided on whether Strategy MSTR can recover to previous highs. Bears point to the notable decline and Bitcoin’s 30% drop from peaks as evidence the rally has run its course.

Mizuho’s reaffirmation of its Outperform rating and $484 target places the firm firmly in the bullish camp.