TD Cowen raises Strategy price target to $400

Odaily Odaily reports that TD Cowen has raised its price target for Strategy from $395 to $400 and maintained a Buy rating.

TD Cowen noted that Strategy raised approximately $1.95 billion in the second quarter through a preferred stock issuance, directly using the proceeds to purchase Bitcoin. Additionally, the company repurchased about $1.5 billion of its convertible notes at a roughly 8% discount.

TD Cowen expects Strategy to purchase approximately 100,000 BTC in the second quarter. Between May 11 and May 17, Strategy spent approximately $2.01 billion to acquire 24,869 BTC. Currently, Strategy holds a total of 843,738 BTC, representing over 4% of Bitcoin's total maximum supply of 21 million coins. (theblock)