TD Cowen has lowered the one-year target price for Bitcoin Treasury Company's Strategy from $500 to $440, due to dilution of Bitcoin yields through equity financing. Analysts expect an increase of 155,000 Bitcoins in fiscal year 2026, but the yield forecast has been revised down to 7.1%. Although the company is still buying coins and raising funds, the yield is affected by financing, and a rise in Bitcoin prices is needed for it to be reasonable. The yield is expected to rebound to 8.1% in fiscal year 2027.

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