Analysts have reduced the stock price target for MicroStrategy, now known as Strategy (NASDAQ: MSTR). This adjustment occurred even as the company continues to aggressively expand its Bitcoin holdings.
On Jan. 15, Strategy announced that its fourth-quarter earnings will be released on Feb. 5, after the market closes.
Earlier in January, the company avoided potential delisting after MSCI decided not to exclude digital asset treasuries from its indices. A digital asset treasury company holds cryptocurrencies on its balance sheet, similar to how traditional companies hold cash.
MicroStrategy, originally a software firm, shifted its focus to Bitcoin during the pandemic. It now holds the largest corporate Bitcoin treasury, with 687,410 BTC as of Jan. 15.
Between Jan. 5 and Jan. 11, Strategy executed its largest Bitcoin purchase since July 2025, acquiring 13,627 BTC for $1.25 billion. In a recent podcast, Michael Saylor reiterated the company's commitment to buying Bitcoin.
"Everybody in the world can buy Bitcoin as part of their investment, but not everybody's going to have as much as me," Saylor said.
TD Cowen lowered its price target for Strategy from $500 to $440 on Jan. 14, while maintaining a "buy" rating. This marks the second revision in two months; the firm previously cut the target from $550 to $500 on Dec. 4.
Analysts Lance Vitanza and Jonnathan Navarrete cited near-term pressure on key performance metrics due to recent Bitcoin price weakness. In a research note, they stated that Strategy "has not only survived this latest period of price compression; it has leaned into it."
The revised target accounts for the near-term effects of Strategy's accelerated Bitcoin accumulation on its financial modeling. The analysts noted the company continued purchasing Bitcoin during the recent price dip, aligning with its long-term strategy.
They wrote that Strategy "remains attractive for those looking to create bitcoin exposure." They observed that while the stock recently approached a zero Bitcoin premium, the company chose to "move aggressively" to take advantage of what it sees as a temporary downturn in cryptocurrency prices.
MSTR was trading 0.43% higher at $180.11 during Thursday pre-market, following a Wednesday close at $179.33.