Strategy Inc., the company formerly known as MicroStrategy, has spent years making one argument to Wall Street: Bitcoin is the ultimate treasury asset, and everything else is noise. On June 29, 2026, it complicated that argument, in the best possible way.

The company unveiled its Digital Credit Capital Framework, a multi-part restructuring of how it manages its balance sheet. Cantor Fitzgerald responded by reiterating its Overweight rating on the stock and setting a price target of $212, a level that would represent roughly 115% upside from where shares were trading at the time of the announcement.

In the immediate aftermath of the news, Strategy’s stock moved between 5% and 12% higher.

What the framework actually does

The first piece is a USD reserve policy requiring the company to maintain a minimum of 12 months of cash coverage at all times. As of June 28, 2026, Strategy held a $2.55 billion USD reserve, and its total liquidity coverage reached approximately $3.8 billion, representing around 25.9 months of obligations.

The second piece is a revised preferred stock dividend policy. Effective July 1, 2026, the preferred stock payout increases to 12%.

Third, the company authorized $2 billion in total repurchases across multiple security types: $1 billion earmarked for Digital Credit Securities and another $1 billion for Class A common stock.

The most headline-grabbing element is the BTC monetization program, which permits Strategy to sell up to $1.25 billion worth of Bitcoin. The proceeds can be directed toward dividends, reserve maintenance, or stock repurchases.

Why Cantor Fitzgerald is bullish

Cantor Fitzgerald’s $212 price target reflects a belief that the liquidity-enhancing components of this framework unlock meaningful upside. By establishing a 12-month USD reserve minimum and creating a controlled mechanism for Bitcoin sales capped at $1.25 billion, the company is demonstrating that it has thought through its stress scenarios.

Michael Saylor emphasized that Bitcoin remains the company’s primary treasury asset. The framework is designed to work around that commitment, not replace it.

The preferred dividend increase to 12% also matters here. Higher yields on preferred stock attract a different class of investor, one that is less concerned with Bitcoin price appreciation and more interested in predictable income.

What this means for investors watching the space

For traders with shorter time horizons, the 5% to 12% move on the day of the announcement already priced in some of the good news. The more relevant question is whether the $212 target gets reached over the medium term, and that depends heavily on Bitcoin’s price trajectory and whether the Digital Credit Capital Framework delivers the liquidity stability it promises. The $2 billion repurchase authorization and the 25.9 months of current liquidity coverage suggest Strategy’s management shares Cantor Fitzgerald’s view that both conditions can be met.