Investment firm TD Cowen has maintained its buy rating for Strategy, citing the company’s substantial Bitcoin reserves and disciplined equity-Bitcoin valuation framework as key growth catalysts. The endorsement positions Strategy as the premier publicly traded vehicle for direct Bitcoin exposure in the capital markets.
Strategy significantly expanded its Bitcoin holdings by acquiring 69,140 BTC during the second quarter, bringing its total reserves to 597,325 BTC. This accumulation exceeded TD Cowen’s forecasts and demonstrates accelerated positioning in the digital asset space. The firm’s valuation model supports a $590 per share target based on Strategy’s cryptocurrency strategy.
TD Cowen projects Strategy’s Bitcoin reserves will reach 850,000 BTC by 2027, representing approximately 4.1% of potential long-term value appreciation. The forecast underscores institutional confidence in Strategy’s unique role bridging traditional finance and digital asset markets through its structured Bitcoin acquisition approach.