Benchmark maintains Strategy target price of $570, stating that STRC is not a 'stablecoin' According to BlockBeats, on June 22nd, Benchmark Equity Research reiterated its "buy" rating on Strategy (MSTR) and maintained a target price of $570, with over 400% upside potential compared to the current stock price. The institution stated that although the company's STRC perpetual preferred stock has recently experienced a sell-off and fell below $83 at one point, this volatility should be seen more as market repricing rather than structural risk. Benchmark analyst Mark Palmer pointed out that STRC is not a stablecoin, nor is it a reflective asset that relies on arbitrage mechanisms to maintain anchoring. Instead, it is a perpetual preferred stock tool supported by Strategy's holdings of over 847000 bitcoins (approximately $55 billion). The report states that the company's current strategy is to maintain STRC at a trading level close to $100, but it does not constitute a price commitment or rigid anchoring. The recent volatility reflects more on the adjustment of yield expectations rather than 'anchoring'. Benchmark also pointed out that STRC's variable dividend mechanism, liquidity structure, and approximately $1.4 billion in cash reserves provide the company with capital structure adjustment space during market fluctuations. The institution believes that recent transactions are more like a stress test of the financing model rather than a systemic failure, and emphasizes that the Bitcoin balance sheet still provides key support for the company. [Original link]