Investment Bank TD Cowen: Strategy Equity Bitcoin Circular Mechanism Provides Basis for Premium, Maintains Buy Rating

BlockBeats News, July 1st, according to TheBlock's report, investment bank TD Cowen pointed out that Strategy's equity-Bitcoin feedback loop provides a reasonable basis for its net asset value premium, and despite risks, it maintains a buy rating.

Strategy purchased 69,140 bitcoins in the second quarter, currently holding 597,325 bitcoins, exceeding TD Cowen's forecast, resulting in its stock trading at a premium of about 63% to net asset value. TD Cowen maintains a target price of $590 per share, seeing Strategy as the highest-quality publicly traded Bitcoin spot investment trust and expecting its holdings to reach 850,000 bitcoins by 2027, representing 4.1% of the total supply.