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After two years of aggressive Bitcoin accumulation, Strategy’s Bitcoin Treasury is finally showing signs of slowing. The company’s latest quarterly report revealed that its once high valuation premium has dropped to its weakest level since early 2023. However, analysts say this moderation is not a warning sign — rather, it marks a brief pause in an otherwise powerful long-term growth engine.
Strategy’s Bitcoin Treasury Momentum Cools
The company’s market premium to its net asset value (mNAV) has fallen to around 1.2x, suggesting that investor enthusiasm has cooled as Bitcoin consolidates near the $110,000 mark. Even so, Strategy’s stock rose by over 5% on Friday, supported by renewed optimism about macroeconomic stability and the broader crypto market outlook.
According to analysts at Mizuho Securities, the recent slowdown is merely “a breather, not a breakdown.” The research team reaffirmed its Outperform rating and set a $586 price target, underscoring confidence in Strategy’s structural advantage. As of this quarter, the firm holds more than 640,000 BTC — representing roughly 3% of the total global Bitcoin supply.
Sustained Bitcoin Yield and Market Leverage
Mizuho estimates that Strategy’s Bitcoin yield has reached approximately 26% year-to-date, putting it on track to achieve its 30% annual target if prices remain stable. The analysts project Bitcoin could reach $150,000 by the end of 2025, which would result in a compound growth rate near 25% over the next three years.
“Access to capital markets and firm Bitcoin prices remain the key growth levers,” Mizuho’s report stated. “With both factors aligned, yield expansion looks sustainable for the foreseeable future.”
Expanding Access to Global Credit
Beyond quarterly numbers, some market experts are focusing on the company’s evolving credit position. TD Cowen analysts highlight that Strategy’s recent B– rating from S&P Global Ratings could fundamentally shift how it finances future Bitcoin acquisitions.
The upgrade makes Strategy eligible for participation in a global credit pool estimated at $4.9 trillion, potentially tripling its fundraising capacity. That expansion could enable the company to ramp up Bitcoin purchases on an unprecedented scale once market conditions improve.
Although Cowen’s team adjusted their price target to $535 to account for a weaker Q4 start, they emphasized that the long-term framework remains robust. One notable advantage is the firm’s new Return-of-Capital tax classification on preferred dividends — a structure that allows investors to defer taxes indefinitely, making Strategy’s shares even more attractive to institutional buyers.
“What seemed like a sure surge earlier in 2025 now appears to be progressing more gradually,” Cowen’s analysts wrote. “But the fundamental trajectory hasn’t changed. We expect significant activity to return by early 2026.”
Benchmark Calls the Dip a “Gift”
Analysts at Benchmark see the recent compression in Strategy’s premium as a temporary adjustment — and a potential buying opportunity. Senior analyst Mark Palmer reaffirmed his Buy rating and maintained a $705 target, saying that the drop in premium represents normalization as both Bitcoin and Strategy’s volatility ease.
Palmer also pointed out that Strategy’s preferred-share program continues to perform well, offering tax-advantaged yields directly linked to Bitcoin exposure. This structure has proven appealing to large investors looking for regulated, yield-bearing Bitcoin instruments — an advantage that spot ETFs do not currently provide.
Analysts Agree: The Machine Still Works
Despite short-term cooling, analysts across Wall Street maintain that Strategy’s Bitcoin Treasury model remains highly efficient. The company’s core system — converting traditional capital into Bitcoin exposure — still provides a steady and scalable way to accumulate digital assets over time.
The feedback loop between institutional investment, credit expansion, and Bitcoin price appreciation forms the foundation of Strategy’s long-term thesis. Analysts believe that as global interest rates stabilize and Bitcoin prices trend higher, the company will regain its aggressive pace of accumulation.
The Road Ahead for Bitcoin Treasury Growth
For now, Strategy appears to be maintaining a cautious stance. Rather than aggressively buying into current market volatility, the firm is consolidating its gains and preparing for the next wave of expansion. Analysts suggest that this conservative approach could allow the company to deploy capital more effectively when the next major Bitcoin rally begins.
The firm’s strategy hinges on sustaining a Bitcoin yield above 30%, supported by a diverse set of financing tools. With broader access to credit markets and growing institutional demand for regulated exposure to Bitcoin, Strategy’s next phase could see renewed acceleration — potentially reinforcing its position as the largest Bitcoin-holding corporate entity in the world.
Conclusion
While Strategy’s Bitcoin accumulation pace may have slowed, analysts say the fundamentals of its business model remain strong. The company’s credit upgrade, yield-generating structure, and disciplined capital strategy provide a solid base for long-term growth.
As Bitcoin continues to solidify its position in global finance, Strategy’s Bitcoin Treasury remains one of the most significant corporate bets on digital assets. The current slowdown, according to analysts, is merely a pause — not a pivot — in a long-term accumulation strategy designed for endurance, not short-term spectacle.
