TD Cowen raised its price target on Strategy to $400 and kept a Buy rating. TD Cowen said Strategy raised about $1.95 billion in the second quarter through a preferred stock issuance and used the proceeds to buy Bitcoin. TD Cowen said Strategy repurchased about $1.5 billion of convertible notes at about an 8% discount. TD Cowen expects Strategy to buy about 100,000 BTC in the second quarter after the company spent about $2.01 billion on 24,869 BTC between May 11 and May 17.
