TD Cowen raises Strategy price target to $400

Odaily Odaily reported that TD Cowen 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 offering, using the proceeds directly to purchase Bitcoin. Additionally, the company repurchased approximately $1.5 billion in convertible notes at a discount of around 8%.

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