PANews 7月22日消息，据The Block报道，TD Cowen表示，Strategy（MSTR）的溢价是合理的。上周Strategy增持6,220枚比特币后，每股MSTR所对应的比特币数量较年初增长20.8%。TD Cowen重申其680美元目标价，并预计该公司到2027年将持有近90万枚比特币。报告指出，Strategy通过发行新优先股“Stretch”持续为比特币购买提供资金，形成资本飞轮效应。分析师认为，公司通过低成本融资持续增持比特币，且每股比特币数量不断提升，这一“内在”溢价有望长期持续，甚至进一步扩大。

PANews 7月22日消息，据The Block报道，TD Cowen表示，Strategy（MSTR）的溢价是合理的。上周Strategy增持6,220枚比特币后，每股MSTR所对应的比特币数量较年初增长20.8%。TD Cowen重申其680美元目标价，并预计该公司到2027年将持有近90万枚比特币。报告指出，Strategy通过发行新优先股“Stretch”持续为比特币购买提供资金，形成资本飞轮效应。分析师认为，公司通过低成本融资持续增持比特币，且每股比特币数量不断提升，这一“内在”溢价有望长期持续，甚至进一步扩大。

TD Cowen：Strategy溢价合理，预计2027年比特币持有量将接近90万枚

<PANews> On July 22, according to a report by <Block>, TD Cowen stated that Strategy (MSTR)'s premium is reasonable. After Strategy added 6,220 bitcoins last week, the number of bitcoins per MSTR share increased by 20.8% compared to the beginning of the year. TD Cowen reiterated its $680 target price and expects the company to hold nearly 900,000 bitcoins by 2027. The report noted that Strategy continues to fund bitcoin purchases through issuing new preferred shares "Stretch", forming a capital flywheel effect. Analysts believe that the company's continuous bitcoin accumulation through low-cost financing and increasing bitcoin per share suggests that this "intrinsic" premium is likely to continue long-term and may even expand further.

PANews reported on July 22 that according to The Block, TD Cowen stated that Strategy (MSTR)'s premium is reasonable. After Strategy added 6,220 bitcoins last week, the number of bitcoins per MSTR share increased by 20.8% compared to the beginning of the year. TD Cowen reiterated its $680 target price and expects the company to hold nearly 900,000 bitcoins by 2027. The report noted that Strategy continues to fund bitcoin purchases through issuing new preferred shares "Stretch", forming a capital flywheel effect. Analysts believe that the company continues to accumulate bitcoins through low-cost financing, with an increasing number of bitcoins per share, and this "intrinsic" premium is expected to continue long-term and may even expand further.

TD Cowen: Strategy premium is reasonable, Bitcoin holdings are expected to be close to 900,000 in 2027

While fixed-rate returns are higher, liquidity is a price crypto users are unwilling to pay.

Why do DeFi users reject fixed interest rates?

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...