TD Cowen reduced the target price for Strategy, but still referred to Michael Saylor ' s plan to promote the Bitcoin configuration. Market concerns focused on the difference between the size of the company ' s currency holdings, financing arrangements and expected equity prices.
Target price is down.
This change in TD Cowen reflects a more cautious attitude towards Strategy ' s valuation. Although the company has long been known as a bitcoin, analysts have contracted their share price space.
Saylor continues to bet bitcoin.
Michael Saylor's Bitcoin project remains a focus of outside attention. Strategy ' s market narratives continue to revolve around the Bitcoin asset allocation rather than the traditional software business itself.
Markets continue to look to hold and finance
Investors would then continue to focus on two points: the change in the company ' s Bitcoin hold and its follow-up financing. Both directly affect the way in which the market prices Strategy.