TD Cowen analysts have reaffirmed their confidence in MicroStrategy's long-term strategy, maintaining a $585 price target for the stock despite its mNAV falling below 1 and Bitcoin reaching a seven-month low. This target suggests a potential 170% upside from the current price of approximately $195. The analysts attribute the current discount to market volatility rather than a decline in MicroStrategy's Bitcoin acquisition capabilities. Michael Saylor, MicroStrategy's chairman, recently executed the company's largest Bitcoin purchase since July, bringing total holdings to 649,870 BTC. TD Cowen also pointed to potential catalysts for the stock, including possible inclusion in the S&P 500 index by December 2025 and clearer U.S. regulatory guidance on Bitcoin, which could attract institutional investment and stabilize the stock price.