TD Cowen maintains a "buy" rating on Strategy, saying the "sell stocks and buy coins" strategy is sufficient to support its NAV premium
PANews reported on July 1 that according to The Block, in the second quarter of 2025, Michael Saylor's Strategy company added 69,140 bitcoins, far exceeding TD Cowen's expectations, pushing the bitcoin yield to nearly 20% that year. As of July 1, its total holdings reached 597,325 bitcoins, worth about $63 billion. TD Cowen maintained a target price of $590 per share, viewing Strategy as the preferred listed target for spot bitcoin investment, and predicted that its holdings would reach 850,000 bitcoins by 2027, accounting for 4.1% of the total supply.
Strategy's stock price is about 63% premium to its net asset value, which TD Cowen believes is reasonable because the funds from the stock issuance will be immediately used to purchase coins, increasing the holdings per share. The premium comes from the high issue price, the growing market demand for fixed-income products, and its status as a popular investment target. Despite the risks of Bitcoin volatility, regulation, and market compression of premiums, TD Cowen believes that the "sell stocks and buy coins" strategy makes the intrinsic value per share grow faster than the price of Bitcoin, and the inclusion of the S&P 500 index and other positive factors will promote its accelerated development.
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