TD Cowen: Reiterates Strategy's target price of $680. Predicts that the amount of Bitcoin held in 2027 will be close to 900,000.

TD Cowen released a report stating that the premium of Strategy is reasonable, reiterating its $680 target price and predicting that the company will hold nearly 900,000 bitcoins by 2027. After acquiring an additional 6,220 bitcoins last week, the number of bitcoins per share of MSTR has increased by 20.8% since the beginning of the year. Additionally, the report points out that Strategy continues to fund bitcoin purchases through the issuance of new preferred stock "Stretch", creating a capital flywheel effect. The company continues to acquire bitcoins through low-cost financing, and the number of bitcoins per share is continuously increasing, creating an "intrinsic" premium that is expected to persist long-term and even expand further.