Cantor Fitzgerald just slashed Strategy's 12-month target to $229—down from $560. Still rating it Overweight, though. What's behind the cut? Their Bitcoin-heavy treasury strategy took a serious hit in valuation.

The firm's now projecting Strategy will pull in only $7.8 billion over the next year. That's a sharp downgrade from earlier expectations. The analysts point to weakened conditions around BTC-backed capital raising as the main drag.

Interesting timing. Strategy's been one of the loudest corporate Bitcoin bulls, but when treasury values swing hard, Wall Street reassesses fast.