Cantor Fitzgerald's Revised Strategy Outlook
US-based financial firm Cantor Fitzgerald has adjusted its price target for Michael Saylor’s Bitcoin-heavy company, Strategy, while maintaining a positive long-term view on the cryptocurrency. The firm has downplayed concerns regarding forced liquidation risks for Strategy.
According to a report by the Financial Times, Cantor Fitzgerald has reduced its 12-month price target for Strategy stock by 60%, setting it at $229, a decrease from the previous $560. This adjustment was detailed in an analyst note.
Despite this price target reduction, Cantor Fitzgerald has reportedly kept its “buy” rating on Strategy unchanged. The bank stated that fears surrounding Strategy’s potential forced liquidations are “not warranted,” even though these concerns have garnered significant attention.
Analysts at Cantor Fitzgerald reportedly indicated that Strategy possesses sufficient cash reserves to cover its dividend payments for a period of 21 months. They further noted that Strategy could raise additional cash through its equity facilities if necessary, concluding that “Absent a 90% pullback from current BTC levels, This Fear is Not Warranted.”
However, Strategy’s stock performance has significantly underperformed Cantor’s previous price target. Cantor Fitzgerald is identified as the ninth-largest shareholder in the company.
At the time of reporting, Strategy’s stock was trading around $186. This represents a 27% decrease over the past month and a 35% year-to-date decline, according to data from Google Finance.
Potential MSCI Risk and Bitcoin's Long-Term Potential
Strategy’s stock faces short-term challenges, including the potential exclusion from the MSCI Index. This exclusion could occur if companies hold digital assets exceeding 50% of their total assets.
While such a scenario could lead to the “forced selling of MSTR,” Cantor Fitzgerald views this as a “somewhat warranted” concern that primarily presents a “near-term flow headwind.”
Despite these short-term risks, Cantor Fitzgerald maintains a bullish stance on both Strategy and the price momentum of Bitcoin (BTC). The firm characterizes the current market pullback as a “healthy” correction, projecting that BTC is on a trajectory to surpass the market capitalization of gold.
“We continue to believe that we are not far away from Bitcoin overtaking Gold’s market cap,” Cantor reportedly wrote. “As of today, Bitcoin’s market cap is just 6.1% of Gold’s market cap. To overtake Gold, Bitcoin would need to be priced at $1,577,860.”
Other prominent analysts share similar predictions regarding Bitcoin’s potential to eventually eclipse gold’s market capitalization. For instance, Joe Burnett has forecasted that Bitcoin could reach over $1.8 million by 2035.
For Bitcoin to surpass the valuation of the world’s largest precious metal, its price would need to increase by approximately 16 times its current value.
Data from TradingView indicates that gold’s price has risen by 58% since the beginning of 2025, outperforming Bitcoin’s year-to-date decline of 1.5%.