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
A Certain CEX Denies Blocking Bitcoin Small Transaction Tax-Exemption Policy
A certain CEX executive denied allegations of obstructing a tax-exempt policy for small Bitcoin transactions, stating that the exchange has been lobbying for it. Lawmakers are considering tax exemptions for stablecoins, but Bitcoin has not been included in the relevant legislation.
GateNews12m ago
BTC Breaks Through 72,000 USDT
Gate News bot message: Gate market data shows BTC has broken through 72000 USDT, current price 72002 USDT.
CryptoRadar40m ago
BTC breaks through 71000 USDT, 24-hour gain 1.02%
Gate News, on March 13th, market data shows that BTC broke through 71000 USDT, now trading at 71019.9 USDT, with a 24-hour gain of 1.02%.
GateNews43m ago
BTC 15-minute surge of 0.84%: On-chain fund flow and technical breakout synergy drive volatility
March 13, 2026, 00:00 to 00:15 (UTC), BTC price fluctuated within the range of 70394.0 to 71116.3 USDT in just 15 minutes, with a return rate of +0.84% and volatility amplitude reaching 1.02%. During this period, mainstream market attention increased, driving active trading and notably elevated price volatility, reflecting a marked warming of market sentiment during this timeframe.
The primary driver of this price movement was large on-chain fund transfers and concentrated whale account buying activity. Historical on-chain data observations show that single transfers exceeding 1000 BTC have frequently served as catalysts for upward price movements.
GateNews57m ago
BTC Breaks Through 71,000 USDT
Gate News bot announcement: According to Gate's market data, BTC has broken through 71000 USDT, currently trading at 71010.6 USDT.
CryptoRadar1h ago
