Maxim Group Cuts MSTR Price Target Amid Bitcoin Sales Scrutiny

Wall Street investment bank Maxim Group has reduced its price target on Strategy (NASDAQ: MSTR) from $250 to $215, while maintaining a Buy rating. The move comes amid recent scrutiny over Strategy's Bitcoin sales. Strategy recently sold 1,638 BTC valued at approximately $105 million, leaving it with 842,138 BTC remaining.

The update is the latest in a string of price target reductions by Wall Street firms. Cantor Fitzgerald cut its own MSTR stock target to $186 and lowered its forecast for Bitcoin to hit $98,000. B. Riley also reduced its price target on MSTR from $215 to $155, scaling down its Bitcoin forecast from $81,500 to $65,000.

The company's decision to halt further purchases of Bitcoin was cited as one reason for the lower valuation by B. Riley. Strategy has been under pressure due to massive Bitcoin transfers associated with the company. According to blockchain analytics platform Lookonchain, a wallet related to Strategy transferred over 1,030 BTC valued at over $66 million.