TD Cowen has reiterated its buy rating for Strategy, citing the company's equity-to-Bitcoin loop model as a key driver for its share price. According to a research report, Strategy's ability to use stock issuance revenue to purchase more Bitcoin creates a virtuous cycle, enhancing both share value and Bitcoin holdings. Despite inherent risks, TD Cowen justifies Strategy's share price with a premium to its Bitcoin net asset value (NAV) and has set a target price of $1,625.