BlockBeats News, January 15 — Investment bank TD Cowen has lowered the one-year target price for Bitcoin treasury company Strategy from $500 to $440, citing the company’s ongoing financing through common and preferred shares, which dilutes Bitcoin yields.
TD Cowen analysts expect Strategy to increase its Bitcoin holdings by approximately 155,000 BTC in fiscal year 2026 (up from the previous estimate of 90,000 BTC), but the higher pace of purchasing will mainly rely on equity financing, thereby reducing the “Bitcoin yield” (i.e., the increase in Bitcoin holdings per share). The analysts have lowered the expected Bitcoin yield for FY 2026 to 7.1%, significantly below the previous 8.8%, and well below the 22.8% in FY 2025.
During the recent Bitcoin price correction, Strategy continued to significantly increase its Bitcoin purchases. The company issued about 6.8 million common shares and 1.2 million STRC floating-rate preferred shares in the week ending January 11, raising approximately $1.25 billion, almost entirely used to purchase 13,627 BTC. TD Cowen pointed out that since the financing price was close to the book value, the Bitcoin yield generated from this move was limited, making it reasonable only if Bitcoin prices rise significantly.
Looking ahead, TD Cowen expects the Bitcoin yield to rebound to 8.1% in FY 2027, maintaining an optimistic outlook on long-term Bitcoin prices, with forecasts of approximately $177,000 by the end of 2026 and about $226,000 by the end of 2027.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin hits new lows as USD climbs to its highest since mid-2025
Bitcoin faced renewed selling pressure as risk assets sagged in response to headlines around a potential escalation in the Iran situation following a key address by U.S. President Donald Trump. Trading data showed BTC dipping toward the $66,000 area, roughly 2% lower on the day, as equities and
CryptoBreaking8m ago
Metaplanet acquires 5,075 BTC, jumps to third largest bitcoin treasury company
Metaplanet acquired 5,075 BTC for $398 million in Q1 2026, raising its total to 40,177 BTC valued at $3.9 billion. Now the third largest bitcoin treasury, it has a yield of 2.8% year-to-date.
CoinDesk19m ago
Moody’s cuts the pricing for bitcoin collateral by 28%, and for the first time sets a forced liquidation trigger mechanism
Moody’s assigned a Ba2 rating to the bonds issued by Waverose Finance for its financial project, using Bitcoin as collateral, demonstrating that Bitcoin is gradually being integrated into the institutional credit system. In the short term, Bitcoin’s application in credit markets shows its flexibility as a collateral asset, which may influence the design of future credit structures, provide new financing channels, and also introduce potential risks.
GateNews22m ago
Grayscale ETF sees net inflows despite the downturn; outflows for Bitcoin and Ethereum ETFs accelerate on the first day of April
April 1, 2026, U.S. spot Bitcoin ETFs saw net outflows of $173.73 million, with cumulative net redemptions of about $500 million in the first quarter, the worst start since 2018. Grayscale products showed diverging performance: the low-fee Bitcoin mini trust attracted inflows, indicating institutional investors are adjusting their strategy. Ethereum ETFs also face pressure, and the market needs to watch future institutional demand and regulatory changes.
GateNews31m ago
Bhutan Transfers $25M BTC as Reserves Continue Drop
Bhutan has transferred 375 BTC, continuing a trend of significant outflows linked to trading activities, indicating a shift from mining to selling Bitcoin to fund infrastructure projects. Reserves have sharply declined from previous highs.
CryptoFrontNews32m ago
Brent crude oil surged 60% in March, marking the biggest increase since 1988
In March 2026, Brent crude oil prices surged by 60%, marking the largest increase since 1988, mainly due to supply concerns triggered by conflicts in the Middle East. The high oil prices intensify global inflation, putting pressure on transportation and manufacturing costs, while also affecting the stock and cryptocurrency markets. Analysts noted that this jump is unusual and said investors should watch how geopolitical developments could potentially impact the market.
GateNews35m ago
