Strategy faces bears 🐻

Investment bank TD Cowen has lowered its price target for Bitcoin treasury firm Strategy, citing volatility and incremental shareholder dilution.

Author

Stephen Graves
December 04, 2025

📝 What you need to know

Analysts at investment bank TD Cowen have lowered their price target for Strategy shares to $500, pointing to the Bitcoin treasury firm’s volatile stock price and incremental shareholder dilution.

The news comes on the heels of Strategy raising $1.44 billion for a cash reserve in a bid to avoid selling its Bitcoin holdings, a move TD Cowen’s analysts described as “prudent.” Nevertheless, it cautioned, Strategy’s 35% year-to-date stock price decline has led to more shareholder dilution than previously forecast.

Meanwhile, Bitcoin treasury firms continue to press ahead, with Bitfinex-backed Twenty One Capital set to begin trading on the New York Stock Exchange next week with about $4 billion worth of Bitcoin in its coffers.

TD Cowen Grows Bearish on $60 Billion Bitcoin Giant Strategy—Here's Why

After Strategy established a $1.44 billion cash reserve and said it may need to sell Bitcoin, TD Cowen has lowed its MSTR price target.

📰 In the News

Bitcoin Treasury Twenty One Set to Begin Trading on NYSE With $4 Billion BTC Stash

Twenty One Capital is set to begin trading as XXI on the New York Stock Exchange on December 9, launching with $4 billion worth of Bitcoin.

Solana ETFs See Record Outflow as 21Shares' TSOL Bleeds $42M

Solana ETFs saw a record $32M outflow as 21Shares' fund bled $42M, contradicting a $321M on-chain capital influx to the network.

Crypto Is Edging Further Into Mainstream Finance, BlackRock and Coinbase Chiefs Say

BlackRock and Coinbase executives discussed Bitcoin, U.S. legislation, tokenization, and market trends on Wednesday.

📊 Myriad Market of the Day

Alt Season before April 2026?

Trade "Alt Season before April 2026?" on Myriad

😂 Meme of the Day

🥇 Be First to Market With Myriad

Join the Myriad Markets Telegram to see the latest prediction markets the second they drop!

With Myriad, the on-chain prediction market launched by Decrypt’s parent company DASTAN, you can break the news and stake the news, using USDC and points.

🕵🏻‍♀️ Editor’s Picks

Reform UK Gets Britain's Biggest Political Donation Ever From Tether Investor

DigFinex shareholder Christopher Harborne donated $11.4 million to Reform UK, the largest ever gift to a UK political party by a living donor.

Thailand Busts $8.6M Bitcoin Mining Operations Funding 'Chinese Scam Networks'

Southeast Asian nations are ramping up enforcement as illegal mining operations drain power grids and bankroll cybercrime networks.

Ukrainian Police Arrest Two in Alleged Crypto Extortion Murder

Europe accounts for over 30% of nearly 70 wrench attacks documented this year as crypto-fueled violence surges across the continent.

📚 Watch and Learn

📹️ WATCH: BlackRock is RISK On! Polymarket launches US App!

Crypto majors traded slightly higher, with ETH leading gains post-Fusaka as BTC rose 1% to $93,000, ETH jumped 4% to $3,190, and BNB and SOL each added 1% to reach $909 and $143, respectively.

🎓️ LEARN: What Is Q-Day? The Quantum Threat to Bitcoin Explained

Experts warn quantum computers could someday forge Bitcoin’s digital signatures, allowing unauthorized transactions.

Interested in partnering with Decrypt? Find out more here.