TD Cowen Raises Strategy (MSTR) Stock Price Target to $400 Amid Aggressive Bitcoin Expansion

Investment bank TD Cowen has reaffirmed its bullish outlook on Strategy (NASDAQ: MSTR), raising its price target for the MSTR stock from $395 to $400. Analysts Lance Vitanza and Jonnathan Navarre maintained a “Buy” rating, citing the company’s accelerating Bitcoin accumulation strategy and stronger capital structure following recent financing activity.

The upgraded outlook comes after Strategy secured nearly $2 billion in fresh capital, with a significant portion directed toward additional Bitcoin purchases. According to TD Cowen, the company is expected to acquire around 100,000 BTC during the second quarter, further strengthening its position as one of the largest corporate Bitcoin holders globally.

The analysts also revised several of Strategy’s key Bitcoin-related performance forecasts for 2026. TD Cowen increased its BTC Yield projection to 19.8%, up from 18.2%, while raising its estimated BTC Dollar Gain for the full year to $15.16 billion from the previous estimate of $13.89 billion. These upgraded forecasts reflect growing confidence in the company’s Bitcoin treasury strategy and long-term growth potential.

Strategy recently disclosed that it now controls over 843,738 BTC, representing more than 4% of Bitcoin’s total circulating supply. Between May 11 and May 17 alone, the company acquired an additional 24,869 BTC valued at roughly $2 billion, marking its largest weekly Bitcoin purchase since April.

TD Cowen also highlighted Strategy’s move to repurchase approximately $1.5 billion in convertible debt below face value. Analysts believe this decision reduces potential shareholder dilution while easing refinancing risks and improving the company’s overall credit profile.

Institutional interest in Strategy remains strong as well. Bank of America recently expanded its stake by purchasing an additional 117,374 MSTR shares worth nearly $19.6 million. The bank now reportedly holds close to 3.96 million shares valued at approximately $664 million.

Despite the optimistic analyst outlook and continued institutional buying, MSTR stock declined 1.20% on Tuesday, May 19, closing at $164.63.