TD Cowen Sets Strategy Price Target at $680

TD Cowen has increased its price target for Strategy's stock from $590 to $680 per share, indicating substantial upside potential for MSTR shares. In a research report released on Monday, TD Cowen projected a bullish forecast of $155,000 for Bitcoin's price by December 2023, which is likely to further elevate Strategy's stock price, as it is the largest corporate holder of Bitcoin (BTC) globally. Recently, Strategy acquired an additional 4,225 BTC for about $472.5 million, averaging $111,827 per Bitcoin, now totalling 601,550 BTC in their possession. At the time of publication, Strategy's stock had risen by 3%, reaching $448.20, according to The Block's MSTR price data. Since adopting a strategy of accumulating BTC, Strategy has essentially become a proxy for Bitcoin, with its stock price increasing alongside the rising demand for the cryptocurrency. TD Cowen's positive outlook for Strategy hinges on its expectation for a surge in Bitcoin prices and the company's ongoing commitment to acquire more BTC. As TD Cowen's researchers noted, "What started as a defensive strategy to protect the value of its reserve assets has evolved into an opportunistic approach aimed at enhancing shareholder value." They plan to continue purchasing and holding Bitcoin using proceeds from debt and equity offerings. The firm's baseline case posits that Bitcoin could reach around $128,000 by December, with a more conservative "downside scenario" of $55,000. Notably, Bitcoin recently achieved an all-time high, exceeding $120,000 for the first time. Strategy has outlined a "42/42" plan to raise $84 billion, split evenly between equity and debt, aimed at financing future Bitcoin acquisitions. TD Cowen anticipates that Strategy will own nearly 900,000 BTC by the end of 2027. Additionally, TD Cowen has assigned new "buy" ratings to Strategy's trio of preferred shares, suggesting they provide attractive income and price appreciation potential while experiencing less volatility compared to common shares or the underlying Bitcoin. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority investment in The Block and is involved with other companies in the crypto industry. Bitget serves as an anchor LP for Foresight Ventures. The Block operates independently, delivering objective and timely information about the crypto sector. Current financial disclosures are available upon request. © 2025 The Block. All Rights Reserved. This article is for informational purposes only and is not intended as legal, tax, investment, or financial advice.