Benchmark Highlights Michael Saylor’s Role in Creating Bitcoin-Backed Fixed Income Market

Benchmark Bullish on MicroStrategy as Bitcoin-Linked Preferred Shares Strengthen Capital

Benchmark reaffirmed its buy rating and $705 price target on MicroStrategy (MSTR), highlighting the company’s bitcoin-linked perpetual preferred shares as a key advantage that provides permanent capital—something no other corporate digital asset treasury currently offers.

Despite the stock trading 2% lower near $324, Benchmark remains confident in MicroStrategy’s strategy. Executive Chairman Michael Saylor explained that these shares reduce refinancing risk from bitcoin price swings, creating a stable capital base without diluting common equity.

Analyst Mark Palmer noted that MicroStrategy’s 640,031 BTC treasury, more than twelve times the size of the next-largest corporate holder, remains unmatched.

Saylor positioned the strategy as creating a bitcoin-backed fixed income market, akin to the way mortgage-backed securities reshaped real estate. Investor demand has been strong: the STRC offering in July raised $2.52 billion, the largest U.S. IPO this year.

Benchmark anticipates this market could grow into a multi-hundred-billion-dollar industry, with MicroStrategy as its leading architect. The firm’s price target incorporates projected bitcoin value, a 10x multiple on expected gains, and the company’s software business outlook through 2026.