[TD Cowen Lowers Strategy's Target Price to $440, Citing Pressure on Bitcoin Yield Outlook] 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 dilution of Bitcoin yield caused by the company's continued financing through common and preferred stock. TD Cowen analysts expect Strategy to increase its Bitcoin holdings by approximately 155,000 BTC in fiscal year 2026 (previously expected to be 90,000 BTC). However, the faster pace of Bitcoin purchases will primarily rely on equity financing, thereby reducing the 'Bitcoin yield' (i.e., the growth in Bitcoin holdings per share). Analysts have revised down the Bitcoin yield forecast for fiscal year 2026 to 7.1%, significantly lower than the previous 8.8% and far below the 22.8% in fiscal year 2025. During the recent Bitcoin price pullback, Strategy significantly ramped up its Bitcoin purchases. In the week ending January 11, the company issued approximately 6.8 million shares of common stock and 1.2 million shares of STRC floating-rate preferred stock, raising a total of about $1.25 billion, nearly all of which was used to purchase 13,627 BTC. TD Cowen pointed out that, as the financing price was close to book value, this move resulted in limited Bitcoin yield, which would only be reasonable if Bitcoin prices rebound significantly. Looking ahead, TD Cowen expects Bitcoin yield to recover to 8.1% in fiscal year 2027 and maintains an optimistic long-term outlook for Bitcoin prices, forecasting approximately $177,000 by the end of 2026 and $226,000 by the end of 2027.