TD Cowen Raises Strategy (MSTR) Price Target to $400 on Bitcoin Accumulation and Balance Sheet Shift
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TD Cowen has raised its price target on Strategy (MSTR) to $400, pointing to its strong bitcoin accumulation and shift in financing strategy.
Key facts
Between May 11 and May 17, Strategy acquired 24,869 BTC for about $2.01 billion
Shares have fallen about 60% over the past year and sit well below their 52-week high above $450
Strategy, led by executive chairman Michael Saylor, now holds 843,738 BTC, valued near $64 billion
TD Cowen has raised its price target on Strategy (MSTR) to $400, pointing to its strong bitcoin accumulation and shift in financing strategy
Summary
The brokerage maintained its buy rating, citing faster-than-expected bitcoin purchases and a change in capital structure that supports growth in bitcoin per share. Analysts noted that the company has exceeded prior forecasts for bitcoin purchases during the current quarter. A central metric for the firm’s thesis is bitcoin per 1,000 fully diluted shares, which has risen to 2.21 from 1.95 at the end of 2025.