TD Cowen cuts Strategy price target, initiates coverage

TD Cowen has reduced its price target for Strategy (MSTR) by 20.5% to $350, citing weaker bitcoin price assumptions and a revised valuation for future gains. Despite the adjustment, the firm maintained its buy rating on the company, which holds a significant amount of bitcoin. Concurrently, TD Cowen initiated buy-rated coverage on four digital asset treasury firms: Sharplink, Strive, Nakamoto Holdings, and The Smarter Web Company. The analysts believe Strategy can still leverage market volatility to acquire bitcoin on an effectively leveraged basis.