TD Cowen: Strategy premium is reasonable, and it is expected that Bitcoin holdings will approach 900000 by 2027

According to The Block, TD Cowen stated that the premium for Strategy (MSTR) is reasonable. After Strategy increased its holdings of 6220 bitcoins last week, the number of bitcoins per MSTR increased by 20.8% compared to the beginning of the year. TD Cowen reiterated its target price of $680 and expects the company to hold nearly 900000 bitcoins by 2027. The report points out that Strategy continues to provide funding for Bitcoin purchases by issuing new preferred stock "Stretch", creating a capital flywheel effect. Analysts believe that the company continues to increase its holdings of Bitcoin through low-cost financing, and the number of Bitcoin per share continues to rise. This "inherent" premium is expected to persist in the long term and even expand further.