• The company ended Q3 with 640,031 BTC valued at $73.2 billion.
• October Bitcoin purchases totaled 778 BTC, the slowest monthly accumulation in over a year.
• Cantor Fitzgerald lowered its price target on Strategy to $560 from $697 while maintaining an 'Overweight' rating.

Strategy (MSTR) shares gained in morning trade on Friday after the company beat expectations for its third-quarter (Q3) results and executives outlined plans to expand the company's credit operations internationally, even as Wall Street analysts trimmed their price targets.

MSTR's stock was up 3.6% at market open and was among the top trending tickers on Stocktwits. Retail sentiment on the platform around MSTR jumped to 'extremely bullish' from 'neutral' territory over the past day, as chatter surged to 'extremely high' from 'normal' levels. 

President and CEO Phong Le said the firm is“actively laying the groundwork for credit securities in international jurisdictions,” aiming to position Strategy as a dominant global credit issuer. The company's strategy centers on leveraging Bitcoin as a form of digital capital to issue structured credit products, effectively creating a“credit factory” for investors worldwide.

This digital treasury model allows us to create a digital credit factory. If you look at the company, what we're doing is we're manufacturing USD yield for credit investors, and we're delivering them that yield in the form of ROC dividend. 

– Michael Saylor, Executive Chairman, Strategy

Wall Street Cuts Price Targets

BTIG lowered its price target to $630 from $700, maintaining a 'Buy' rating. The firm highlighted Strategy's efforts to broaden its addressable market through the launch of new credit products outside the U.S., a move seen as key to scaling the company's business model. 

Cantor Fitzgerald also trimmed its target to $560 from $697, keeping an 'Overweight' rating, citing slower October Bitcoin purchases. The company added only 778 BTC during the month, the smallest increase in more than a year, which Cantor said limits the accretive potential of its capital markets strategy.

Michael Saylor Calls Bitcoin 'Digital Capital'

During the earnings call, Executive Chairman Michael Saylor framed Bitcoin as“digital capital” akin to gold, explaining that Strategy's suite of credit instruments converts Bitcoin's volatility into tax-efficient USD yields. 

Saylor emphasized that Strategy plans to prioritize Bitcoin purchases over acquisitions, noting the company's goal to issue non-dollar-denominated credit instruments to target markets in Europe, Asia, and the Middle East. He described digital credit as a scalable, instant, and tax-deferred alternative to traditional financial instruments, enabling the company to fund its Bitcoin holdings while delivering attractive returns to credit investors.

Strategy reported $3.9 billion in operating income for Q3, down from $14 billion in Q2, reflecting Bitcoin price changes. It now holds 640,031 BTC valued at $73.2 billion.

Read also: Bitcoin's 'Uptober' Turns Into 'Downtober' – Analyst Warns Of Potential Pullback To $80K

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