Mizuho Reaffirms $165 Strategy Target as Bitcoin Holdings per Share Slide

Mizuho maintained its $165 price target and Outperform rating on Strategy after the company’s 2026 third-quarter earnings call, while analyst Dan Dolev highlighted the firm’s balance sheet as Bitcoin holdings per share declined year to date. The target is nearly 27% above the $130 reference share price cited alongside it. Strategy held 848,517 Bitcoin (BTC), and its net leverage ratio fell to 2.4% from 8.4%. The company had $5.1 billion in dollar assets, enough to cover 3.4 years of dividend and interest payments. Strategy’s Bitcoin holdings per share fell 3.7% year to date, raising market concerns about equity dilution.