TD Cowen raises Strategy price target to $680, with upside case for Bitcoin of $155,000 by December

TD Cowen raised its price target for Strategy's stock price from $590 to $680 per share, suggesting significant upside for MSTR shares.

In the research report published Monday, TD Cowen provided an upside forecast of $155,000 for the price of Bitcoin by December of this year, which would almost certainly boost Strategy's share price, given the company is the world's largest corporate holder of BTC. Strategy recently purchased another 4,225 BTC for approximately $472.5 million at an average price of $111,827 per Bitcoin, bringing its total holdings to 601,550 BTC.

Strategy's stock traded higher by 3% to $448.20 at publication time, according to The Block's MSTR price data.

Strategy has become a proxy bet on Bitcoin ever since it adopted the strategy of accumulating BTC, and the company's share price has surged in parallel with increased demand for the cryptocurrency, pushing its price higher. TD Cowen's optimism for Strategy's share price is based on its expectation for Bitcoin's price increase and the company's commitment to continue accumulating BTC.

"What started as a defensive strategy to protect the value of its reserve assets has become an opportunistic strategy intended to accelerate the creation of shareholder value," TD Cowen's researchers said. "Strategy intends to continue acquiring and holding bitcoins via proceeds of debt and equity offerings."

The firm's base case for Bitcoin is approximately $128,000 by December and a "downside scenario" of $55,000. Earlier Monday, the price of Bitcoin hit an all-time high and passed $120,000 for the first time.

Strategy has a "42/42" plan to raise $84 billion — split evenly between equity and debt — to fund future bitcoin purchases. TD Cowen said it expects Strategy to own close to 900,000 BTC by the end of 2027.

TD Cowen recently gave new "buy" ratings to Strategy's trio of preferred shares, saying these securities "offer compelling income and price appreciation potential with less expected volatility than the common shares or underlying bitcoin."

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