On July 1, TD Cowen, a prominent investment bank, highlighted the robust equity-Bitcoin cycle framework underpinning Strategy’s valuation, justifying its sustained net asset value premium. Despite inherent market risks, the firm retains a buy rating on the stock. During Q2, Strategy acquired 69,140 bitcoins, elevating its total holdings to 597,325, surpassing TD Cowen’s initial projections. This accumulation has driven the stock’s premium relative to net asset value to approximately 63%. TD Cowen’s valuation model supports a $590 per share target price, positioning Strategy as the premier publicly traded proxy for direct Bitcoin exposure. Furthermore, the bank forecasts Strategy’s Bitcoin reserves to expand to 850,000 by 2027, representing 4.1% of the total Bitcoin supply, reinforcing its strategic market positioning and potential for long-term value appreciation.