**Bitcoin: After Two Years of Near-Relentless Accumulation, Strategy’s Pace of Buying Cools—But Confidence Remains Strong**
After nearly two years of aggressive bitcoin accumulation, Strategy’s pace of buying has slowed—for now. The company’s latest quarterly figures revealed that its once-lofty valuation premium has thinned to its weakest point since early 2023.
Yet despite the slowdown, analysts tracking the stock are not seeing red flags. Most argue that this lull says more about market timing than about Strategy’s underlying model—a system designed to convert Wall Street capital directly into Bitcoin exposure.
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### Cooling Momentum, Rising Confidence
Currently, the firm’s market premium to net asset value (mNAV) sits near 1.2x. This suggests investor enthusiasm has tempered as Bitcoin consolidates around the $110,000 mark.
Even so, Strategy shares jumped more than 5% on Friday, extending a recovery fueled by optimism over both market stability and upcoming macro catalysts.
Analysts at Mizuho Securities remain bullish, describing the slowdown as “a breather, not a breakdown.” They reiterated their Outperform rating and a $586 price target, noting that Strategy’s BTC holdings have grown to over 640,000 BTC—roughly 3% of the total global supply.
Furthermore, Mizuho estimates the firm’s Bitcoin yield sits near 26% for the year, on track to hit its internal 30% goal if prices remain firm. The research team projects Bitcoin could reach $150,000 by the end of 2025, translating to compound growth of roughly 25% over three years.
“Access to capital markets and rising BTC prices remain the key levers,” Mizuho wrote. “With both in play, yield expansion looks sustainable.”
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### A Credit Door Opens for Billions
Other analysts are focusing on a much bigger development than quarterly metrics: Strategy’s newfound credit access.
TD Cowen’s research desk argues that the company’s recent B- rating from S&P could fundamentally change its funding capabilities. The rating makes Strategy eligible to participate in a $4.9 trillion global credit pool, potentially tripling the scale at which it can raise money for BTC acquisitions.
Although Cowen’s team trimmed its price target to $535 to reflect a softer fourth-quarter start, they emphasized that the structural tailwinds remain intact. They also highlighted a new Return-of-Capital tax classification on the firm’s preferred dividends—a feature that allows investors to defer taxation indefinitely, boosting appeal for long-term institutional holders.
“What looked like a sure thing in mid-2025 now seems more gradual,” Cowen wrote, “but the recovery path remains clear. We still expect major activity resumption by early 2026.”
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### Benchmark: “The Premium Dip Is a Gift”
Meanwhile, Benchmark’s senior analyst Mark Palmer views the mNAV compression as a buying opportunity. He argues the dip reflects normalization—not weakness—as volatility in both BTC and Strategy’s premium subsides.
Palmer reaffirmed a Buy rating with a $705 price target, highlighting continued strength in Strategy’s preferred-share program. This program offers tax-advantaged yields linked to Bitcoin exposure.
The analyst also noted that management continues to attract interest from large investors searching for regulated, yield-bearing Bitcoin plays—something spot ETFs don’t offer.
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### A Pause, Not a Pivot
Taken together, the message from Wall Street is clear: the machine hasn’t stopped, it’s just idling. Strategy’s business remains built on a feedback loop between capital markets and Bitcoin appreciation—a structure that analysts say could deliver exponential returns if macro conditions align.
The company’s long-term goal of sustaining Bitcoin yield above 30% still stands, and its new credit pathways could fuel the next wave of accumulation once sentiment improves.
For now, the firm appears content to conserve momentum while positioning itself for the next leg higher—when both capital and crypto enthusiasm reignite.
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*The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.*
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**About the Author**
Alexander Zdravkov is an analyst with over three years of experience in the crypto space. Known for his logical approach and ability to identify emerging trends in digital currencies, Alexander provides in-depth analysis and daily reports across a wide range of topics. His deep understanding and enthusiasm make him a valued member of the Coindoo team.
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