Strategy’s premium justified by Bitcoin capital flywheel, says TD Cowen
-
最新报道：TD Cowen defended MicroStrategy's high valuation, dismissing critics' claims that its stock should only reflect Bitcoin holdings as "logically flawed." Analysts noted the company's share issuance under its 42/42 plan has increased investors' BTC exposure rather than diluting it. MicroStrategy's NAV premium stands at 72.6%, with $124.3B equity value against $72B in BTC holdings. The brokerage argued the premium is justified by MicroStrategy's ability to acquire BTC at low costs (0.421% blended borrowing rate) and grow coins per share—advantages retail investors lack. Recently, the firm raised $739.8M, buying 6,220 BTC at $118,940 each, boosting BTC per share by 20.8% since January. TD Cowen maintains a $680 price target, projecting MicroStrategy could hold 900,000 BTC (4.3% of total supply) by 2027. The company launched a new preferred stock series (STRC) to further fund Bitcoin purchases, maintaining its lead as the largest public BTC holder with 607,770 BTC.
下一篇
Are Cardano payments coming to Apple Pay?
- Cardano (ADA) may soon integrate with Apple Pay, according to hints from Input Output Glob...
24小时热点
热点专题
414940