Strategy (NASDAQ: MSTR) saw its price target lowered by Clear Street to $268 from $443, while the firm maintained a Buy rating on the shares.

The analyst said Strategy continued to stand out as a differentiated and compelling way for investors to gain leveraged exposure to Bitcoin on a per-share basis after accounting for dilution. Clear Street reiterated its long-term bullish stance on Bitcoin and said Strategy remained well positioned to compound shareholder value over time.

The firm highlighted several key drivers supporting the investment thesis. It noted that a major overhang had been removed after MSCI confirmed it would retain digital-asset treasury companies within its major indexes, reducing the risk of forced selling by institutional investors. Clear Street also said potential inclusion in the S&P 500 continued to represent upside optionality by creating incremental demand for Strategy shares.

In addition, the analyst said downside risk appeared limited, with the stock trading near its modified net asset value, which it viewed as an attractive entry point. The revised price target reflected a sum-of-the-parts valuation that incorporated lower assumptions for Bitcoin prices and treasury yields, while still underscoring the company's long-term value creation potential driven by disciplined capital allocation.