Canaccord Genuity maintains a buy rating on MSTR, but has significantly lowered its target price from $474 per share to $185 per share. The main reason is that MSTR experienced significant unrealized losses in the fourth quarter of 2025 (book losses, which were also book profits at the time). The book loss for the whole year of 2025 reached 5.4 billion US dollars, with a loss of 17.44 billion US dollars generated in the fourth quarter of 2025 alone, offsetting the profits of the first three quarters. As of January 4, 2026, MSTR still has approximately $2.25 billion in cash reserves on its books to cover preferred stock dividends, interest, and debt related expenses. The rating is still a buy, indicating that analysts are still betting on BTC's future upward trend and also believe that MSTR is a leveraged BTC, so it will have some appeal. But the target price has been lowered to 185 because the discount rate in the valuation model has increased, the tolerance for future financing capacity and volatility has decreased, and the premium (mNAV) that the market is willing to offer is difficult to maintain at the high level of the past under such fluctuations. @bitget VIP， Lower rates and more generous benefits