TD Cowen Raises Strive's Target Price to $56, Exceeds BTC Accumulation Expectations

TD Cowen analysts have raised the target price for Strive, a Bitcoin treasury company, from $44 to $56, maintaining a "Buy" rating. The analysts noted that the amount of Bitcoin purchased by Strive over the past two weeks has exceeded their previous expectations for the entire fourth quarter. The company's Bitcoin holdings increased from 28,000 coins at the end of September to 35,595 coins (worth approximately $2.9 billion), a net increase of nearly 7,600 coins, far surpassing TD Cowen's original estimate of 4,750 coins. Currently, Strive has jumped to the fourth position among publicly traded companies in terms of Bitcoin holdings, slightly surpassing MARA. Additionally, Strive plans to expand its preferred stock issuance to 7,000,000 shares (at $90 per share), aiming to raise $630 million to continue accumulating Bitcoin without diluting common stock. The issuance is expected to be completed by October 20.

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