Citi Raises Strategy Price Target to $240 From $136 on Higher Bitcoin Forecast

Citi's revision is less about Strategy's operating business than about the sell-side's willingness to mark bitcoin treasury vehicles to a higher underlying coin forecast, which effectively re-rates the equity as a leveraged proxy. That matters for a shareholder base that has been paying a premium for that exposure. The open question is whether other banks follow with similar target changes, which would signal a broader recalibration of how analysts model these vehicles rather than a one-off call.