TREE NEWS reports: Investment bank TD Cowen raised its end-2026 bitcoin price forecast to about $109,000, up from the $97,500 it set in early September, and projects $280,000 by 2029. The bank maintained its Buy rating and $260 target price on Strategy (MSTR). Analyst Lance Vitanza and colleagues said higher bitcoin prices could lift Strategy’s earnings potential, though capital-structure expansion and related dilution erode the per-share benefit.
TD Cowen Raises Bitcoin Year-End Forecast to About $109K
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AI take
The revision matters less for the headline number than for the mechanism TD Cowen highlights: bitcoin's price flows into Strategy's earnings potential, but capital-structure expansion and dilution eat into the per-share benefit. That tension between asset appreciation and equity issuance is the real story for anyone tracking corporate bitcoin proxies, and it is why the bank keeps a Buy rating on MSTR rather than treating it as a pure bitcoin play. Whether dilution continues to offset rising bitcoin prices in per-share terms is the open question.
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