Analyst: Bitcoin Q3 Poised for All-Time High, Maintains `Buy' Rating for Strategy Stock
February 6th — In a Barron’s report, TD Cowen analyst Lance Vitanza noted Strategy is well-positioned to weather a more severe Bitcoin sell-off, despite its stock having fallen 30% year-to-date.
Vitanza upholds a “Buy” rating on Strategy with a $440 price target. He highlighted the company’s $2.25 billion cash pile, which covers ~$900 million in fixed costs for nearly 17 months and funds the potential redemption of its $1 billion convertible bonds maturing in September 2027 — insulating its finances from Bitcoin price swings.
TD Cowen also forecasts Bitcoin will rebound eventually and hit a new all-time high in Q3 2026.
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People's Bank of China, China Securities Regulatory Commission: This notice emphasizes that conducting RWA securitization without a license is an illegal activity, maintaining the consistent policy stance on virtual currencies in recent years
February 6
Officials from China’s central bank and securities regulator have explained the context behind the newly issued **Notice on Further Preventing and Addressing Risks Related to Virtual Currencies and Other Matters** (hereafter the “Notice”): it was created by revising the original document, building on lessons from past work and in response to emerging risk scenarios.
Additionally, the Notice upholds the policy stance of recent years, reiterating key rules:
- Virtual currencies do not hold the same legal status as fiat currencies.
- Engaging in virtual currency-related business activities within China constitutes illegal financial activity.
- Overseas entities and individuals are prohibited from illegally providing virtual currency-related services to domestic entities in any form.
To address the rapid growth of real-world asset tokenization in recent years, the Notice emphasizes prohibitions on:
- Conducting real-world asset tokenization activities within Chin
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China Securities Regulatory Commission: Strictly Regulate the Domestic Asset Overseas Issuance of Asset-Backed Securities Tokens in Accordance with the Law
**February 6 — The China Securities Regulatory Commission (CSRC) has issued the *Regulatory Guidance on Overseas Issuance of Asset-Backed Securities Tokens by Domestic Assets*.**
### Key Requirements
- The CSRC will strictly regulate overseas token issuance by domestic assets in accordance with laws and regulations.
- **Domestic entities controlling the underlying assets must file with the CSRC before launching such business**, submitting:
- A filing report
- A complete set of overseas issuance materials
- Other required documents
- Filers must fully disclose:
- Domestic filing entity details
- Underlying asset information
- Token issuance plans
### Obligations
The filing entity, its controlling shareholders, actual controllers, directors, supervisors, senior managers, and relevant intermediaries must ensure all submitted materials are **true, accurate, and complete** — with no false records, misleading statements, or material omissions.
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The People's Bank of China and Eight Other Departments: Financial Institutions and Internet Companies Shall Not Provide Services for Virtual Currency and RWA Tokenization Businesses
On February 6, eight Chinese government departments—including the People’s Bank of China (PBOC)—released a notice outlining stricter measures to prevent and address risks tied to virtual currencies (VCs) and unauthorized tokenization of real-world assets (RWAs).
### Key Prohibitions for Financial Institutions
Financial institutions (including non-bank payment providers) are barred from:
- Offering account opening, fund transfers, clearing, or settlement services for VC-related activities;
- Issuing or selling VC-linked financial products;
- Accepting VCs or related products as collateral;
- Engaging in VC-related insurance business (or including VCs in insurance coverage).
These firms must strengthen risk monitoring and promptly report illegal activity to relevant authorities. They also cannot provide custody, clearing, or settlement services for unauthorized RWA tokenization and associated products.
### Rules for Intermediaries & Internet Companies
Intermediary fi
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People's Bank of China and Eight Other Departments: After discovering clues to illegal financial activities related to virtual currency and the securitization of RWA tokens, the relevant departments conducted timely investigations, determinations, and proper disposal in accordance with the law.
**February 6 Notice: Chinese Regulators Target Virtual Currency, Real-World Asset Tokenization Risks**
On February 6, the People’s Bank of China (PBOC) and eight other departments released a notice focused on further preventing and addressing risks linked to virtual currencies and real-world asset tokenization. The document emphasizes a strict crackdown on related illegal financial activities.
Local financial regulators, branches of State Council financial oversight bodies, dispatched agencies, and other relevant departments must promptly investigate and confirm clues of illegal activity tied to these areas. They are required to take appropriate action, hold relevant entities and individuals legally accountable, and refer those suspected of criminal conduct to judicial authorities for further handling.
Additionally, the Ministry of Public Security, PBOC, State Administration for Market Regulation (SAMR), China Banking and Insurance Regulatory Commission (CBIRC), China Securiti
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