Michael Saylor aggressively increases Bitcoin holdings; Strategy stock price plummets but still has 150% room for growth

Despite Strategy (MSTR) stock experiencing a severe setback in the second half of 2025, with a decline of up to 66%, this did not dampen founder and CEO Michael Saylor’s enthusiasm for Bitcoin. In fact, Saylor recently ramped up his efforts, making large inverse purchases during the market downturn, a decision that has also prompted Wall Street investment banks to reevaluate.

Michael Saylor’s Bold Strategy Faces Market Tests

Under Michael Saylor’s leadership, Strategy has become the most aggressive Bitcoin buyer among publicly traded companies. Even as the stock price plummeted, Saylor remained steadfast in executing his large-scale accumulation plan. According to the latest analysis from investment bank TD Cowen, Strategy is expected to acquire an additional 155,000 Bitcoins this year, far exceeding the previous expectation of 90,000, demonstrating Saylor’s confidence in Bitcoin’s long-term value.

However, such aggressive tactics come at a cost. Recently, Strategy has financed itself through issuing common stock, which has a very limited premium over net asset value (NAV). This large-scale accumulation is likely to impact the company’s key performance indicators.

TD Cowen Lowers Target Price but Remains Optimistic About Long-Term Potential

Analyst Lance Vitanza recently lowered Strategy’s 12-month target price from $500 to $440. However, with the current stock price around $175, there remains over 150% upside potential, making it an attractive option for investors optimistic about Michael Saylor’s Bitcoin strategy.

This target price adjustment reflects a cautious assessment of the company’s recent financing strategies rather than a doubt about Saylor’s long-term vision.

Larger-than-Expected Accumulation, but Yield Faces Dilution Pressure

In the latest assessment, Lance Vitanza lowered Strategy’s Bitcoin yield (BTC Yield) for this year from 8.8% to 7.1%. This figure is significantly below the 22.8% level reached in 2025, reflecting the dilutive effect of stock issuance on each Bitcoin held.

Despite the decline in yield, the company’s Bitcoin dollar gains (BTC $ Gain) are still projected to reach $9.4 billion, up 50% from the previous forecast of $6.3 billion. This indicates that even considering dilution factors, Michael Saylor’s aggressive accumulation strategy can still deliver substantial returns in absolute dollar terms.

Investment Banks Still View Strategy as the Best Tool for Bitcoin Exposure

Lance Vitanza maintains a positive overall view of Strategy. He points out that Strategy has become “the most effective proxy for Bitcoin exposure,” especially suitable for investors who are optimistic about Bitcoin’s long-term prospects but want to participate through the US stock market.

Regarding Bitcoin price expectations, the investment bank remains optimistic. Vitanza estimates Bitcoin could reach $177,000 by the end of the year (current price approximately $89,910), and further climb to $226,000 by 2027. Under this long-term Bitcoin bullish scenario, Michael Saylor’s aggressive accumulation strategy may prove to be a visionary decision.