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Investment bank TD Cowen has published a new report on Bitcoin and the company that is the largest institutional $BTC holder, MicroStrategy (now Strategy).
According to The Block, Strategy first assessed the impact of its latest move, the euro-denominated preferred stock offering. Second, it announced its $BTC year-end price forecast.
At this point, he estimated that TD Cowen Strategy would add 6,720 $BTC to the company's treasury with the new euro-denominated preferred stock offering.
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete said Strategy's initial offering of perpetual Stream preferred stock, priced at €80 per share last week, represents the company's entry into euro-based Bitcoin-backed credit markets and opens a new financing channel. At this point, they predicted the funds from the euro offering would be used to purchase 6,720 $BTC at an estimated average price of $104,500.
Fundamental, Bullish and Bearish Scenarios for Bitcoin!
Apart from this, TD Cowen stated that the base scenario for Bitcoin will be $141,277 by the end of the year, December 31.
For the bear and bull scenarios, he predicted a rise of $160,000 and a drop of $60,000.
Analysts noted that the base case model is based on Strategy purchasing approximately $4 billion worth of Bitcoin on a quarterly basis.
The bull scenario is based on a purchase of more than $4.5 billion, while the bear scenario is based on the suspension of purchases “due to market conditions or a specific loss of access to capital markets.”
*This is not investment advice.