Buy ratings, the formal recommendation that a stock is expected to outperform the broader market, held firm at TD Cowen and Benchmark after Strategy reported an $8.2 billion second-quarter loss. Both firms also backed a corporate push to bring the company's STRC preferred stock to par, as founder Michael Saylor signaled movement away from his "100% bitcoin" approach.
Two firms, one conclusion
TD Cowen and Benchmark each reiterated buy ratings on Strategy after the Q2 results. Reiterated is the operative word. These are not upgrades. The firms are holding their existing calls despite a loss of $8.2 billion in a single quarter.
The source does not detail why each firm maintained its position beyond noting support for the company's cash buildup. What the endorsements do is provide institutional cover for holders of a volatile name in $BTC-adjacent equities.
The STRC-to-par push explained
STRC is Strategy's preferred stock. Preferred stock sits above common shares in the capital structure: preferred holders receive dividends before common shareholders and hold a higher claim if the company ever winds down. Par value is the face value printed on that instrument when it was originally issued.
When preferred stock trades below par, the market is saying the instrument is worth less than its stated promise. A to-par push means management is working to close that gap. That analysts are reading it as a positive signal suggests they view it as a commitment to preferred holders, not a sign of balance sheet stress.
What Saylor's shift signals for $BTC strategy
The "100% bitcoin" stance was a public posture. Saylor's move toward cash accumulation marks a departure from that framing. The source does not specify a cash target or a timeline.
The practical implication is that Strategy's treasury allocation may no longer be treated as a pure $BTC proxy. Whether that changes the company's relationship with crypto-native holders of the stock remains a question the source does not answer. What the source does confirm: two named analysts, after an $8.2 billion quarterly loss, still want clients in the stock.