TD Cowen Raises Strategy (MSTR) Price Target to $400 on Bitcoin Accumulation and Balance Sheet Shift
TD Cowen raised MicroStrategy's (MSTR) price target to $400, citing aggressive bitcoin accumulation and strategic financing shifts. The company holds 843,738 BTC—over 4% of total supply—valued near $64 billion. Using preferred equity instead of common stock issuance reduces dilution, improving bitcoin-per-share metrics. Analysts project $15 billion in bitcoin gains for 2026, though MSTR remains volatile and correlated with bitcoin price movements.
Key takeaways
- 1TD Cowen raised MSTR price target to $400, implying 140% upside from $166 current trading level.
- 2MicroStrategy holds 843,738 BTC—over 4% of total supply—valued near $64 billion with Q2 purchases expected near 100,000 BTC.
- 3Preferred equity financing reduces dilution; bitcoin per 1,000 shares rose to 2.21 from 1.95 end-2025.
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Why it matters
MSTR serves as leveraged bitcoin proxy for Indian retail investors; TD Cowen's bullish thesis reflects institutional confidence in corporate bitcoin accumulation strategy. However, stock remains highly volatile and correlated with bitcoin price, requiring risk-aware positioning.
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