Strategy's Bitcoin Acquisition Strategy: TD Cowen Raises Price Target to $400
TD Cowen has increased its price target for Strategy to $400 while maintaining a Buy rating. According to NS3.AI, the firm raised approximately $1.95 billion in the second quarter through a preferred stock issuance, using the funds to purchase Bitcoin. Additionally, Strategy repurchased around $1.5 billion of convertible notes at an approximate 8% discount. TD Cowen anticipates that Strategy will acquire about 100,000 BTC in the second quarter, following the company's expenditure of roughly $2.01 billion on 24,869 BTC between May 11 and May 17.
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