TD Cowen trims Michael Saylor's Strategy price target

The market's willingness to pay a premium for MicroStrategy, valuing it above its actual Bitcoin holdings, is seen as a "positive signal" only because it reflects confidence in its *continued* leveraged accumulation strategy. This premium is built on the expectation of ongoing debt and equity issuance to buy more Bitcoin. Is this truly sustainable, or is the market ignoring the inevitable erosion of such a speculative premium?
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