Leading Bitcoin Treasury firm Strategy has a 174% upside potential and still offers investors an attractive option to gain Bitcoin exposure, says investment bank TD Cowen.
It maintained a $535 price target even after MSTR fell more than 34% and Bitcoin fell 15.5% over the past month, arguing that the decline reflects market volatility and not a glitch in the company’s BTC accumulation model.
MSTR stock price (Source: Google Finance)
“Strategy remains an attractive vehicle for those looking to create Bitcoin exposure,” said analysts Lance Vitanza and Jonathan Navarrete.
The MSTR is down more than 52% over the past six months, while Bitcoin is down more than 27% from the all-time high (ATH) of $126,841.89 it reached on October 6, 2025, according to CoinMarketCap facts.
Amid the declines, the Market Net Asset Value (mNAV), the value of the company’s total market capitalization relative to the value of its holdings, had fallen below 1. has since recovered and currently stands at 1.21, according to Strategy’s website.
Schiff calls Strategy’s business model a “fraud” and challenges Saylor to a debate
While TD Cowen analysts maintain their bullish view on strategy, gold advocate and BTC critic Peter Schiff said on November 17 that strategy is a “fraud.”
“MSTR’s business model is based on income-oriented funds that purchase high-yield preferred stocks,” he wrote on X.
MSTR’s business model is based on income-oriented funds that purchase high-yield preferred stocks. But those published returns will never actually be paid. Once fund managers realize this, they dump the preferential and $mstrer can no longer spend, which sets off a death spiral.
— Peter Schiff (@PeterSchiff) November 16, 2025
“But those published returns will never actually be paid. Once fund managers realize this, they will dump the preferreds and $MSTR will be unable to issue any more, creating a death spiral,” Schiff added.
Schiff challenged Saylor at a debate during Binance Blockchain Week in Dubai in December, where both are expected to attend. Saylor did not respond.
Strategy Continues Bitcoin Accumulation During Market Downturn
Strategy started buying Bitcoin in 2020 and has become the largest corporate BTC holder globally, with 649,870 BTC on its balance sheet. facts of Bitcoin Treasuries shows.
The company’s latest purchase was announced yesterday, when Strategy founder Michael Saylor said in a post on
Strategy acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and achieved a BTC return of 27.8% YTD 2025. On 11/16/2025 we had raised 649,870. $BTC purchased for ~$48.37 billion at ~$74,433 per bitcoin. $mstrer $StrC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9
— Michael Saylor (@saylor) November 17, 2025
The most recent purchase was made using the proceeds from the market sale of the Strike Perpetual Preferred Stock (STRK), the Strife Perpetual Preferred Stock (STRF) and the Stretch Perpetual Preferred Stock (STRC). The company also used the proceeds from its recently unveiled euro-denominated preferred shares (STRE).
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