Strategy's Bitcoin Premium Falls to Levels Near 2021–2022 Lows as TD Cowen Holds $535 Target

Strategy's bitcoin premium has fallen to levels approaching those last seen during the 2021–2022 crypto winter, TD Cowen analysts said. The firm maintains its buy rating and $535 price target for MSTR, projecting the company will hold 815,000 bitcoin by fiscal year-end 2027. Potential removal from MSCI indices in February poses a near-term risk, with an estimated $2.5 billion in passive outflows expected.