TD Cowen, one of the most consistently bullish voices on Strategy (NASDAQ: MSTR), just delivered its harshest reassessment yet.
Analysts led by Lance Vitanza trimmed their price target for Michael Saylor’s Bitcoin (BTC) giant.
They pinned the reduction squarely on Bitcoin’s “observed ongoing weakness,” rather than anything happening inside Strategy itself.
Related: Analysts share stark warning for Strategy
New Bitcoin target bites into Strategy
TD Cowen now expects Bitcoin to end the year near $100,000, down sharply from its earlier call of $140,000.
Bitcoin fell back below $60,000 last week. But at press time, it was trading near $60,109, down more than 15% over the past month. It’s now off more than 50% from the record above $126,000 it hit last October.
Strategy’s stock has felt the pressure directly. Over the past month, MSTR stock has seen a decline of more 34% while its year-to-date (YTD) returns have declined by 37.94%, as per Yahoo Finance.
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Cash cushion under scrutiny
TD Cowen slashed its price target on the Bitcoin treasury company by 35% on June 30, cutting it to $260 from $400, as the digital asset it’s most exposed to keeps failing to find a floor.
That’s a meaningful walk-back from a bank that raised its Strategy target to $680 just last July, when shares traded above $450.
The downgrade lands just as Strategy unveiled a new capital framework meant to steady its finances, though TD Cowen said its updated numbers were formed independently of that announcement.
The plan lifted Strategy’s cash reserves to $2.55 billion, a figure that has drawn scrutiny as costs tied to its preferred stock, Stretch (NASDAQ: STRC), have climbed.
The preferred shares were trading near $88.09 intraday as of press time, still below their $100 par value.
Strategy also authorized a program to sell up to $1.25 billion of Bitcoin from its 847,363-coin stockpile to top off reserves if needed.
Related: Analyst warns $70 million in Bitcoin longs face risk if price hits $50,000
This story was originally published by TheStreet on Jul 1, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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