A major Wall Street firm just flagged something interesting about Strategy's recent moves. TD Cowen's analysts are raising eyebrows over what they're calling heightened volatility in the company's approach—not to mention the growing leverage exposure that's starting to pile up. It's the kind of risk profile shift that makes institutional desks pay attention. When a firm doubles down on leverage while markets stay choppy, you're essentially amplifying both the upside potential and downside risk. Worth watching how this plays out in the coming quarters.