Bitcoin Price OutlookAnalyst lowered the price target due to a weaker outlook for bitcoin prices, which would reduce the value of the company's crypto holdings.
Sector Valuation CompressionLower valuations for digital-asset treasury companies limit the market benefit from holding bitcoin and constrain potential upside from crypto reserves.
Share Dilution From Capital RaisingSignificant capital-raising programs that increase the number of shares outstanding have diluted per-share value and contributed to a lower overall valuation.