Citi Analyst Chides Saylor’s Bitcoin Focus, Cuts MicroStrategy to ‘Sell’

Citi Analyst Chides Saylor’s Bitcoin Focus, Cuts MicroStrategy to ‘Sell’

Citi analyst Tyler Radke lowered his recommendation on MicroStrategy to “sell” from “neutral,” warning investors in a Tuesday research note the company’s recent bitcoin euphoria may be overextended, according to .

Radke cited CEO Michael Saylor’s “disproportionate focus” on as a potentially troubling trend for the business intelligence company. He also said MicroStrategy’s planned $400 million debt offering to fund additional bitcoin purchases signals “incremental risk to the story.”

Insider selling also contributed to Radke’s eyeing a $250 price target (still above his previous MSTR target of $200).

Shares of MSTR were down more than 10% to $300.86 in recent trading. The shares have more than doubled since August, largely driven by Saylor’s foray into bitcoin.

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