Bitcoin ExposureA weaker outlook for bitcoin prices contributed to a lowered price target, exposing the company to crypto market volatility that can depress valuation.
Sector Valuation HeadwindsLower valuations for digital-asset treasury companies limit the value benefit from holding Bitcoin and constrain the company's ability to accumulate additional reserves.
Share DilutionExtensive capital-raising programs and growth in shares outstanding have diluted per-share value, reducing potential returns for existing shareholders.