Benchmark Maintains $570 Price Target for MicroStrategy, Clarifies STRC Is Not Stablecoin

According to Benchmark Equity Research on June 22, the firm reiterated its "buy" rating on MicroStrategy (MSTR) and maintained a $570 price target, implying over 400% upside from current levels. Analyst Mark Palmer clarified that STRC perpetual preferred shares are not a stablecoin but rather a hybrid instrument backed by MSTR's holdings of over 847,000 Bitcoin worth approximately $55 billion. Recent price volatility below $83 represents market repricing rather than structural risk.

Benchmark noted that STRC's variable dividend mechanism and roughly $1.4 billion in cash reserves provide capital structure flexibility during market fluctuations. The firm views current trading as a stress test of the financing model, with Bitcoin assets continuing to provide core support.