TD Cowen says Strategy’s equity-to-BTC loop justifies NAV premium despite risks, maintains buy rating
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币界网报道：Michael Saylor's MicroStrategy added 69,140 bitcoin in Q2 2025, surpassing TD Cowen's 66,000-coin estimate and boosting its 2025 BTC yield to nearly 20%. The firm's latest purchase of 4,980 BTC at $106,801 each brings total holdings to 597,325 BTC ($63B), funded through stock sales and convertible offerings. Despite trading at a 63% NAV premium, analysts cite equity issuance, fixed-income demand, and bitcoin proxy appeal as justification. Risks include bitcoin volatility and regulatory scrutiny, but MicroStrategy's strategy of selling shares to buy BTC continues outpacing bitcoin
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