TD Cowen analyst on May 19 raised the stock price target for Strategy (MSTR) from $395 to $400, implying about 139% upside from the current trading price of approximately $164.79. The adjustment came one day after Strategy announced it added about 25,000 BTC (about $2 billion).
TD Cowen’s Confirmed Analysis Basis
TD Cowen analyst said the target price raise is mainly due to Strategy’s continued ability to obtain financial capital through its preferred stock issuance of Stretch (STRC). The analyst noted that since the last earnings call, “Treasury activity has mainly been dominated by issuing preferred stock, raising about $1.95 billion, while the issuance of common stock has been minimal, and nearly all proceeds are used to buy Bitcoin,” adding that “although equity dilution has increased, this activity still drives growth in the Bitcoin price per share, reflecting the value-enhancing nature of the company’s financing model.” Bernstein also assessed this capital structure—holding Bitcoin via preferred stock (rather than common stock)—as more favorable for MSTR shareholders. In addition, Strategy also repurchased about $1.5 billion in convertible bonds last week; the TD Cowen analyst said this was “a clear positive for both equity holders and creditors,” and believes it is “an important signal of financial flexibility.”
Confirmed Data on Strategy’s Bitcoin Holdings
Latest purchase: Increased holdings by about 25,000 BTC last week, worth about $2 billion, mainly funded through proceeds from the issuance of Stretch (STRC) preferred stock. Stretch currently offers an annualized dividend yield of 11.5%.
Existing holdings: As of the time of reporting, Strategy held 843,738 BTC in total, valued at about $64.7 billion. TD Cowen confirmed that this quarter’s mid-quarter Bitcoin purchasing volume for Strategy has exceeded the prior analyst forecast.
Strive Asset Management’s Confirmed Target Price Raise
TD Cowen also concurrently raised the target stock price for Strive Asset Management (ticker: ASST) from about $15.41 to $30, implying about 94% upside. Strive recently launched a dividend-preferred-stock product similar to the Strategy model, which will pay daily dividends to SATA preferred shareholders starting June 16, 2026, and it has already settled all outstanding debts as of last week to focus on its preferred stock business.
FAQ
What are the main reasons TD Cowen raised Strategy’s target price to $400?
According to TD Cowen’s analysts, the main basis is that Strategy continues to raise funds through Stretch (STRC) preferred stock (not dilutive common stock) to buy Bitcoin. This financing model drives growth in the Bitcoin price per share, and since the last earnings report it has already exceeded the prior forecast for Bitcoin purchases.
How large is Strategy’s current Bitcoin holdings?
Based on the report, as of May 19, 2026, Strategy holds 843,738 BTC in total, valued at about $64.7 billion. It added about 25,000 BTC (about $2 billion) in the prior week.
Which other companies did TD Cowen adjust target prices for at the same time?
TD Cowen also concurrently raised the target stock price for Strive Asset Management (ASST) from about $15.41 to $30, implying about 94% upside. Strive launched a dividend preferred stock product (SATA), planning to pay daily dividends starting June 16, 2026.
