Despite a significant 2,500% increase in MicroStrategy’s share price over the past five years due to its aggressive bitcoin (BTC) acquisition strategy, analyst Gus Gala from Monness Crespi has expressed concerns about this trend. Gala recently downgraded MicroStrategy’s stock to sell, following an initial neutral rating. He points to a growing expectation that the company may struggle to secure funding for further bitcoin purchases through share issuance. 528,185 BTC currently sits on MicroStrategy’s balance sheet, with significant investments being made in Bitcoin weekly, largely funded through common share issuance and sales of its initial preferred series STRK. Gala’s price target for MicroStrategy is set at $220, suggesting a potential downside of nearly 30% from current prices around $300. He further warns that if the company fails to incorporate fixed income securities into their issuance strategy, their BTC treasury approach could face substantial hurdles. The company has already used $18.6 billion out of its $21 billion at-the-market offering and raised $711 million last week through STRF, its second series of preferred stock. #BTC