Strategy Inc Shares Drop After Bitcoin Sale; Canaccord Cuts Target 27% to $163
STRC•Strategy Inc sold 32 bitcoins in its first sale since December 2022, triggering a 7% share decline as Bitcoin slid below $62,000. Canaccord trimmed its price target by 27% to $163 and Mizuho cut its target to $265, both maintaining bullish ratings despite the crypto downtrend.
1. Bitcoin Sale Sparks Sell-Off
Strategy Inc executed its first bitcoin sale since December 2022, offloading 32 BTC as part of its capital markets strategy to fund dividends and educate investors on selling crypto versus equity.
2. Share Price Reaction
Following Bitcoin’s slide below $62,000, Strategy shares fell over 7% in overnight trading, reflecting heightened bearish sentiment among retail investors reacting to the crypto market downturn.
3. Analyst Price Target Revisions
Canaccord reduced its price target by 27% to $163 while keeping a Buy rating, and Mizuho cut its target to $265 with an Outperform rating, citing continued conviction despite the persistent crypto winter.
4. Broader Crypto Outlook
CEO Peter Schiff warned that orderly selling across Bitcoin, Ethereum and Solana may soon give way to panic exits, suggesting further downside risk for major tokens and related equities.
