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Nakamoto’s price target cut 📉 A 58% target cut sounds completely bearish until you notice TD Cowen still kept its Buy rating. 📉 The firm lowered Nakamoto’s target to $17 because weaker Bitcoin changed the value of its debt-heavy structure. This is why I never treat Bitcoin treasury stocks as simple BTC substitutes. Common shareholders own what remains after debt and preferred obligations, so a Bitcoin decline can hit the equity much harder than the underlying coin. The target cut is really a warning about capital structure: when a company uses leverage to accumulate BTC, both the upside and the balance-sheet pressure become amplified. $BTC #CXMTDebutShockwave #AIEarningsWatch #CeasefireHitsCrude