TD Cowen lowered its price target on Strategy to $440 from $500 on Wednesday. The firm kept a buy rating but cited near-term model pressure from accelerated Bitcoin purchases.
During the week ending January 11, Strategy raised about $1.25 billion through common stock and a variable-rate preferred called Stretch. It used nearly all proceeds to buy roughly 13,600 additional Bitcoin (Ed. note: this occurred during compressed Bitcoin prices).
“Strategy has not only survived this latest period of price compression; it has leaned into it,” wrote analysts Lance Vitanza and Jonnathan Navarrete. They added the company remains attractive for investors seeking bitcoin exposure, and market participants tracked reactions through market data.
Michael Saylor rejected a narrow NAV focus in an interview, saying “No, I think that’s just a myopic narrative,” and asserting “Companies exist to create value.” Analysts said the moves mirror broader shifts in Bitcoin’s institutional market structure, noting deeper regulated venues and evolving BTCFi in an analysis.
