BTIG lowers price target on Strategy to $250, maintains buy rating

BTIG Research analyst Andrew Harte slashed the firm’s price target on Strategy Inc. from $350 to $250 while keeping a Buy rating, implying roughly 150% upside from recent trading levels.

The move comes as Bitcoin has slumped into a $58K to $61K trading range, well below the $70K levels it touched earlier in 2026.

The Bitcoin math problem

Strategy, formerly MicroStrategy, holds approximately 847,363 BTC as of late June 2026, making it the largest corporate holder of Bitcoin on the planet by a wide margin.

The average acquisition cost for that stash sits around $66,385 per coin. With Bitcoin trading in the $58K to $61K range, Strategy is currently underwater on its aggregate position.

Strategy operates as a leveraged Bitcoin proxy, using a combination of equity issuance and debt to fund its purchases, which amplifies both the highs and the lows.

BTIG had raised its target to $350 from $250 back in May 2026 following strong Q1 results. So in the span of roughly two months, the firm has round-tripped back to where it started.

Wall Street’s group project

TD Cowen cut its MSTR target to $260 from $400, a more aggressive reduction than BTIG’s. Canaccord went even further, slicing its target down to $130.

Despite the target cuts, most of these firms are maintaining their bullish ratings.

What this means for investors

When Bitcoin was above $70K earlier this year, the company’s treasury was sitting on healthy unrealized gains. Now, with Bitcoin below their average cost basis of $66,385, the math has flipped.

If Bitcoin climbs back above $66K, Strategy’s treasury moves back into the green. BTIG’s $250 target implies confidence that this recovery will happen, just maybe not as quickly or as dramatically as the firm expected when it set the $350 target in May.

The company has consistently used market weakness as an opportunity to buy more Bitcoin, often issuing new shares or convertible notes to fund purchases. If Bitcoin stays in the $58K to $61K range, any additional buying would actually lower the company’s average cost basis.

Canaccord’s $130 target and BTIG’s $250 target represent very different views on where Bitcoin is headed.

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