Twenty One Capital Could Validate MicroStrategys Bitcoin Playbook
The proposed launch of Twenty One reflects the most-meaningful validation of Strategys bitcoin treasury operations to date, the analysts wrote in a client note, adding that they remain incrementally bullish on MSTR stock.
A Potential Catalyst for Institutional Bitcoin Adoption
Far from signaling increased competition, TD Cowen suggests that Twenty Ones entry into the public markets could actually bolster confidence in Michael Saylors Bitcoin acquisition strategyparticularly among institutional investors who have been historically skeptical of such aggressive crypto treasury policies.
By attracting more capital and visibility to corporate Bitcoin accumulation, the analysts believe demand for BTC will intensify, potentially offsetting any increased pressure on MicroStrategys cost of capital.
Certainly this is what Michael Saylor professes to believe, they added, referencing the MicroStrategy founders longstanding push for more companies to follow his Bitcoin-centric treasury model.
$550 Price Target and Bold BTC Holdings Forecast
TD Cowen has reaffirmed its $550 price target for MicroStrategy stock and projected a bold roadmap for the companys Bitcoin holdings. The firm estimates that MicroStrategy could control 757,000 BTC by the end of fiscal year 2027, which would amount to approximately 3.6% of Bitcoins total supply.
Should Bitcoin average $170,000 in price by that time, TD Cowen expects the companys BTC portfolio could be worth $129 billiona massive boost to MicroStrategys balance sheet and shareholder value.
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