TD Cowen Raises Strategy Price Target to $680, Forecasts $155K Bitcoin by Year-End

TD Cowen published a research report raising its price target for Strategy (formerly MicroStrategy) stock from $590 to $680 per share, citing the company's deepening role as a Bitcoin proxy. The firm forecasts Bitcoin could reach $155,000 by year-end in an upside scenario, with a base case of $128,000 and downside of $55,000. Strategy purchased an additional 4,225 BTC for $472.5 million, bringing total holdings to 601,550 BTC worth approximately $73 billion. TD Cowen views the strategy as a shift from defensive to opportunistic, expecting Strategy to raise $84 billion to potentially hold 900,000 BTC by 2027. The report coincided with Bitcoin hitting a new all-time high above $123,000, and Strategy shares rose nearly 3% to $448.20.