Investment Bank TD Cowen Shares Updated Price Targets For Bitcoin After The Rally

Investment bank TD Cowen has raised its target price per share for MicroStrategy (now Strategy), known for its commitment to Bitcoin, from $590 to $680. The bank also predicts an “upside scenario” for Bitcoin of $155,000 by December 2025. In a research report released today, TD Cowen attributed its optimism for Strategy stock to the company's massive Bitcoin portfolio and potential price increases.

The company recently purchased an additional 4,225 BTC for $472.5 million, bringing its total BTC holdings to 601,550. The average unit cost for these purchases was $111,827. Related News: Another Country Announces Plan to Create Bitcoin and Cryptocurrency Fund TD Cowen believes the company's aggressive BTC accumulation plans could yield significant long-term returns.

The report stated, “This strategy, initially launched to protect the value of reserve assets, has now evolved into an opportunistic approach aimed at increasing shareholder value.” The firm's baseline scenario is for Bitcoin to reach around $128,000 in December.

A potential “downside” scenario sees the price at $55,000. Today, BTC broke a new record, surpassing $120,000 for the first time in history.

The strategy aims to raise a total of $84 billion through debt and equity for future Bitcoin acquisitions under its “42/42 plan.” TD Cowen predicts that this strategy could generate approximately 900,000 BTC for the company by the end of 2027. *This is not investment advice.

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