TD Cowen Raises Strive Price Target to $56 as Firm Holds 35,600 BTC

The preferred-equity raise is the detail worth dwelling on: Strive is funding Bitcoin accumulation with a dividend-bearing instrument rather than common stock, which shifts the cost of its treasury strategy from dilution to an ongoing cash obligation. TD Cowen's target increase signals sell-side comfort with that trade-off, but the 6.1% share decline alongside Strategy suggests the market is pricing these vehicles as a correlated bloc rather than on individual balance-sheet merit. Whether the preferred structure stays cheaper than equity issuance as the dividend stack grows is the open question.