A major investment firm just downgraded Strategy's price target from $500 to $440, maintaining a Buy stance but flagging near-term headwinds. Here's the catch: while the company is aggressively accumulating bitcoin, it's simultaneously diluting shareholders through equity issuance. The net result? Bitcoin yield per share takes a hit in 2026. The analyst's thesis hinges on this dilution outpacing the benefits of larger bitcoin reserves—a classic tension between growth and shareholder returns in the digital asset space.