Brian Vieten, head digital assets research at Siebert Financial ($20 billion in assets under management), forecasts that Bitcoin will reach $175,000 within the next 12 months. Alongside that outlook, the firm holds a Buy rating on Strategy with a $350 price target per share. Strategy, formerly MicroStrategy and the largest corporate holder of Bitcoin, is the equity leg of that view, which is why the two targets are worth reading together.

Vieten laid out his reasoning in a discussion with Grace Remington and Sean Hagan on Bitcoin Magazine. His path to $175,000 starts with the June low near $58,000, a level he says marked seller exhaustion across miners, exchanges, treasury companies, and lenders. In his framing, seller exhaustion is the point at which each of those holder groups stops adding net supply to the market, which is what makes the $58,000 low the anchor for the rest of the forecast.

Siebert's $350 target on Strategy is derived directly from the $175,000 Bitcoin forecast and does not assume any expansion in the company's mNAV multiple. mNAV, or multiple of net asset value, measures how the market values Strategy relative to the Bitcoin it holds, and at the 1x level cited in the discussion the stock trades close to the value of its Bitcoin, leaving the Bitcoin price call to do the work in the target. Vieten also pointed to Strategy's digital credit engine, sticky ETF demand, and the GENIUS Act as forces that give Bitcoin what he described as "a clean runway" from current levels. The GENIUS Act, the U.S. federal framework for payment stablecoins signed into law in 2025, enters the conversation as a source of new demand through stablecoins and tokenization, while the ETF angle, framed in the discussion as Bitcoin's biggest market-structure shift, turns on fund capital that stays invested rather than rotating out. For readers tracking the call against the market, the near-term markers are the $58,000 low on the Bitcoin side and Strategy's mNAV on the equity side, since both sit directly under the firm's numbers.

The conversation covered the following topics:

• Siebert's Brian Vieten on his $175,000 Bitcoin price target
• Why the $58,000 June low marked seller exhaustion
• How big banks changed the Bitcoin lending complex
• ETFs: sticky capital and Bitcoin's biggest market structure shift
• Strategy at 1x mNAV and the digital credit tax advantage
• The GENIUS Act, stablecoins, and tokenization as new demand
• Does the four-year cycle still matter?
• What institutions need before increasing Bitcoin allocations
• How the GENIUS Act could spark institutional FOMO
• Strategy's $350 price target and how it compares with younger treasury companies

Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article first appeared on Bitcoin Magazine and is written by Patrick Green.