Although the strategy’s (Mstr) aggressive purchase of Bitcoin (BTC) has sent its shares that increased over 2,500% over the past five years, an analyst claims that the opposite could soon be the case.

“While we were negative in several respects at the introduction, we have gained increasing confidence that the convertible issuing strategy is likely to be tapped,” wrote Monness Crespi analyst Gus Gala, who downgraded MSTR to sell just two weeks after initiating the coverage of neutral.

Strategy currently has 528,185 BTC on its balance and has purchased significant quantities almost every week in the last few months, mostly funded by the Common Share issue and also the sale of its first preferred series Strk.

Galas price target of $ 220 just suggests shy on 30% downward from the current price in the $ 300 area.

Gala claimed it is becoming increasingly difficult for MSTR to raise money to buy Bitcoin through stock issuing, forcing the company to change against fixed -income vehicles.

“If fixed -income securities will not become a larger part of the issue, the BTC Treasury strategy will look more and more challenged.”

Gala noted that Mstr has already spent $ 18.6 billion of its $ 21 billion joint share of the market. The company also raised another $ 711 million last week via StrF, its second row of preferred shares.