TD Cowen sees Strategy adding 6,700 BTC from new STRE raise, maintains $141,000 year-end bitcoin base-case scenario

Research firm TD Cowen anticipates that Strategy will add 6,720 bitcoins to its treasury following the recent €620 million ($715 million) issuance of its first euro-denominated preferred stock, STRE. This move is seen as Strategy's entry into euro-based, bitcoin-backed credit markets. After accounting for net proceeds and adjustments for common-share issuance to fund dividends, TD Cowen calculates a net gain of 4,235 BTC. The analysts noted that Strategy has also resumed issuance under its STRC program, funding part of its latest $50 million Bitcoin purchase. TD Cowen initiated buy ratings on the new STRE shares and reiterated coverage on existing preferred stock classes (STRF, STRK, STRD), highlighting the compelling income potential with less volatility than common shares. Furthermore, TD Cowen reaffirmed its broader Bitcoin outlook, maintaining a base-case price assumption of $141,277 by year-end, with upside and downside scenarios set at $160,000 and $60,000, respectively.

(Source：The Block)