TD Cowen maintains a bullish target price of $680 for Strategy, predicting that it will hold 4.3% of the total BTC supply by 2027.

On August 19, investment bank TD Cowen maintained a bullish target price of $680 for Strategy, predicting that by the end of 2027, Strategy will accumulate 4.3% of the total Bitcoin supply (i.e., 900,000 coins), and the price of Bitcoin will reach $232,000. The current trading price of MSTR is $363, while the price of Bitcoin is above $116,000. Today, Strategy announced that it has relaxed its equity sale financing restrictions, allowing the issuance of common stock when the stock price is below 2.5 times its corresponding Bitcoin holdings, providing more flexibility for Strategy to raise funds to increase BTC holdings. This move has sparked market controversy, and analysts at TD Securities stated that the financing restrictions were initially a defensive strategy to protect the value of reserve assets, but have now evolved into an opportunistic strategy aimed at accelerating the creation of shareholder value.

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