TD Cowen Sees 140% Upside, Notes 843,738 BTC Holdings and $2B Purchase
TD Cowen raised MicroStrategy’s price target to $400, implying 140% upside, citing its 843,738 BTC holdings acquired at a $64 billion cost. The company recently deployed $2.01 billion to purchase 24,869 BTC at an average $80,985 per coin, lifting Bitcoin per 1,000 diluted shares to 2.21 from 1.95.
1. TD Cowen Boosts Price Target
TD Cowen increased MicroStrategy’s 12-month price target to $400 per share, representing a 140% gain from current levels while maintaining a buy rating. The upgrade reflects confidence in the firm’s ongoing Bitcoin accumulation and an improving balance sheet.
2. Massive Bitcoin Accumulation
MicroStrategy’s total Bitcoin holdings have reached 843,738 BTC, acquired at a cumulative cost of $64 billion. In its latest round of purchases, the company deployed $2.01 billion to acquire 24,869 BTC at an average price of $80,985 per token.
3. Dilution and BTC-per-Share Metrics
Bitcoin per 1,000 fully diluted shares has climbed to 2.21, up from 1.95 at the end of 2025, indicating that new Bitcoin acquisitions continue to outpace share issuance despite rising dilution.
4. Stock Performance Pressure
MicroStrategy’s stock has declined about 60% over the past 12 months, trading near $166.63 per share, as investors weigh the risks of its aggressive crypto-treasury strategy against its improving credit profile.