Strategy already holds more Bitcoin than any other public company. Siebert Financial thinks it is nowhere near done.
Siebert analyst Brian Vieten projects that Strategy could own approximately 1.04 million Bitcoin by the third quarter of 2027. He also reaffirmed his Buy rating and $350 price target on MSTR shares.
Measured against the company’s holdings of roughly 849,327 BTC as of early November 2026, that implies a gap of roughly 190,000 coins.
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The math behind the million
Vieten laid out the updated view in a note dated November 5, 2026. The core assumptions are straightforward, even if the numbers are large.
His $350 target for MSTR rests on two inputs. The first is a Bitcoin price of $175,000 in the Q3 2027 timeframe. The second is a market net asset value multiple, or mNAV, of 1.1x.
Vieten nudged that multiple slightly higher in the latest note. The adjustment reflects greater confidence in how the company’s financial model plays out.
The other key update came from management itself. Based on company guidance about future digital credit issuance, Vieten now estimates about $16 billion in new issuance from Q4 2026 through Q3 2027.
Strategy’s preferred equity, which it brands as “digital credit,” is designed to raise capital that funds more Bitcoin purchases.
How the funding machine works
Strategy’s model is simple to describe and harder to replicate. The company sells securities, uses the proceeds to buy Bitcoin, and repeats.
The preferred equity layer gives investors a claim that sits on top of a large Bitcoin cushion. According to the research, that digital credit is overcollateralized with about $73 billion in Bitcoin reserves backing $13 billion in notional outstanding.
Siebert, which manages about $20 billion in assets, has held the Buy rating and $350 target consistently since mid-2026. The November note refines the inputs rather than changing the conclusion.
Why Siebert is leaning bullish on Bitcoin
The Strategy call is, at bottom, a Bitcoin call. Vieten’s thesis depends on the asset climbing to $175,000 by late 2027.
He points to several tailwinds. Inflows into Bitcoin exchange-traded funds remain a source of demand. Selling pressure from miners has eased, removing one of the market’s more reliable sources of supply.
Regulatory clarity also features in the case. The research cites the GENIUS Act, which addresses stablecoins, as part of a broader backdrop that may encourage institutional participation.
Then there is the June 2026 drawdown, when Bitcoin dropped near $58,000. Vieten reads the period since then as a sign of seller exhaustion.
What this means for MSTR holders and the treasury trade
For MSTR shareholders, the Siebert case boils down to two variables moving together. Bitcoin needs to rise, and the market needs to keep paying a small premium for Strategy’s exposure to it.
The 1.1x mNAV assumption is notably restrained. It does not require investors to pay a lofty markup for the shares. Most of the projected upside comes from the Bitcoin price and the growing coin count, not from multiple expansion.
The $16 billion issuance estimate depends on continued appetite for Strategy’s digital credit. Heavy overcollateralization helps that pitch, with about $73 billion in Bitcoin reserves backing $13 billion in notional outstanding.
For now, Siebert’s message is consistent with what it has said since mid-2026. The firm sees Strategy as a leveraged expression of a Bitcoin bull case, with a funding machine built to keep accumulating. Investors watching the stock should track three things: the Bitcoin price, the mNAV premium, and the pace of digital credit issuance against that $16 billion estimate.