TD Cowen has increased its price target for Strategy from $395 to $400 while maintaining a Buy rating. The firm highlighted Strategy's recent financial maneuvers, including raising approximately $1.95 billion in the second quarter through preferred share issuance, which was used to purchase Bitcoin. Additionally, Strategy repurchased about $1.5 billion in convertible notes at an 8% discount.
TD Cowen anticipates that Strategy will acquire around 100,000 BTC in the second quarter. Between May 11 and May 17, Strategy invested approximately $2.01 billion to purchase 24,869 BTC. Currently, Strategy holds a total of 843,738 BTC, accounting for over 4% of Bitcoin's total supply of 21 million.
TD Cowen Raises Strategy's Price Target to $400, Maintains Buy Rating
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.