Analysts at TD Cowen, Lance Vitanza and Jonnathan Navarrete, view the proposed launch of Twenty One Capital not as a threat, but as a powerful endorsement of MicroStrategy’s (MSTR) long-term Bitcoin strategy.
“The proposed launch of Twenty One reflects the most-meaningful validation of Strategy’s bitcoin treasury operations to date,” the analysts wrote in a client note, adding that they remain “incrementally bullish” on MSTR stock.
A Potential Catalyst for Institutional Bitcoin Adoption
Far from signaling increased competition, TD Cowen suggests that Twenty One’s entry into the public markets could actually bolster confidence in Michael Saylor’s Bitcoin acquisition strategy—particularly among institutional investors who have been historically skeptical of such aggressive crypto treasury policies.
By attracting more capital and visibility to corporate Bitcoin accumulation, the analysts believe demand for BTC will intensify, potentially offsetting any increased pressure on MicroStrategy’s cost of capital.
“Certainly this is what Michael Saylor professes to believe,” they added, referencing the MicroStrategy founder’s longstanding push for more companies to follow his Bitcoin-centric treasury model.
$550 Price Target and Bold BTC Holdings Forecast
TD Cowen has reaffirmed its $550 price target for MicroStrategy stock and projected a bold roadmap for the company’s Bitcoin holdings. The firm estimates that MicroStrategy could control 757,000 BTC by the end of fiscal year 2027, which would amount to approximately 3.6% of Bitcoin’s total supply.
Should Bitcoin average $170,000 in price by that time, TD Cowen expects the company’s BTC portfolio could be worth $129 billion—a massive boost to MicroStrategy’s balance sheet and shareholder value.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
