TD Cowen lifts Strategy price target to $400, sees 140%+ upside as bitcoin accumulation blows past estimates!

TD Cowen raised its price target on Strategy (MSTR) to $400 from $395 on Tuesday, maintaining a Buy rating, after the company's bitcoin accumulation pace in Q2 surpassed what the firm had modeled for the entire quarter. Analyst Lance Vitanza and associate Jonnathan Navarrete now forecast roughly 100,000 BTC purchased in Q2 alone, lifting full-year BTC Yield projections to 19.8% from 18.2% and full-year BTC Dollar Gain estimates to $15.16 billion from $13.89 billion.

The second catalyst was Strategy's repurchase of roughly $1.5 billion of out-of-the-money convertible notes at an approximately 8% discount to face value — a move TD Cowen called an important signal of financial flexibility that reduces diluted share exposure while improving credit quality. Bitcoin per 1,000 fully diluted shares has already climbed to 2.21x from 1.95x at year-end, validating the core thesis that BTC…