Bernstein: Bitcoin "appears bottomed"; Strategy seen with 226% upside to $450

Bernstein analysts said bitcoin appears to have formed a cyclical bottom and reiterated an outperform rating on Strategy, projecting 226% upside from Monday's close of $138.20 to a $450 target. They argued STRC preferred shares are central to Strategy's capital model, helping it fund BTC purchases with non-dilutive, permanent capital as it continues to build its holdings.