TD Cowen: Strategy Equity Bitcoin Cycle Mechanism Supports Its Premium, Maintains Buy Rating
2025/07/01 11:58According to ChainCatcher, citing The Block, investment bank TD Cowen has pointed out that Strategy’s equity-to-Bitcoin cycle mechanism provides a reasonable basis for its net asset value premium. Despite the risks, TD Cowen maintains a buy rating.
Strategy purchased 69,140 Bitcoins in the second quarter and now holds 597,325 coins, surpassing TD Cowen’s projections and resulting in a premium of approximately 63% for its stock relative to net asset value. TD Cowen maintains a target price of $590 per share, regards Strategy as the highest-quality listed spot Bitcoin investment proxy, and expects its holdings to reach 850,000 Bitcoins by 2027, accounting for 4.1% of the total supply.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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