TD Cowen: Strategy Equity Bitcoin Cycle Mechanism Provides Basis for Its Premium, Maintains Buy Rating
ChainCatcher news, according to The Block, investment bank TD Cowen pointed out that the equity-bitcoin loop mechanism of Strategy provides a reasonable basis for its net asset value premium. Despite the risks, it maintains a buy rating.In the second quarter, Strategy purchased 69,140 bitcoins and currently holds 597,325, exceeding TD Cowen's forecast, which brings its stock's premium over net asset value to about 63%. TD Cowen maintains a target price of $590 per share, viewing Strategy as the highest quality publicly traded bitcoin spot investment proxy, and expects its holdings to reach 850,000 bitcoins by 2027, accounting for 4.1% of the total supply.