Strategy Has 174% Upside, Still A Great Vehicle For Bitcoin Exposure, TD Cowen Says

Leading Bitcoin treasury firm Strategy has 174% upside potential and still presents investors with an attractive option to gain Bitcoin exposure, says investment bank TD Cowen.

It maintained a $535 price target even after MSTR plunged more than 34% and Bitcoin 15.5% in the past month, arguing the drawdown reflects market volatility rather than a breakdown in the firm’s BTC accumulation model.

MSTR share price (Source: Google Finance)

”Strategy remains an attractive vehicle for those looking to create Bitcoin exposure,” said analysts Lance Vitanza and Jonathan Navarrete.

MSTR is down more than 52% in the past six months while Bitcoin has tumbled more than 27% from the all-time high (ATH) of $126,841.89 that it set on Oct. 6, 2025, according to CoinMarketCap data. 

Amid the drops, Strategy’s Market Net Asset Value (mNAV), which is the value of the company’s total market cap to the value of its holdings, had dipped below 1. But it has since recovered and currently stands at 1.21, according to Strategy’s website.

Schiff Says Strategy’s Business Model A “Fraud,” Challenges Saylor To A Debate

While TD Cowen analysts maintain their bullish outlook on Strategy, gold advocate and BTC critic Peter Schiff said on Nov. 17 that Strategy is a ”fraud.” 

“MSTR’s business model relies on income-oriented funds buying its ‘high-yield’ preferred shares,” he wrote on X. 

“But those published yields will never actually be paid. Once fund managers realize this they’ll dump the preferreds & $MSTR won’t be able to issue any more, setting off a death spiral,” Schiff added. 

Schiff challenged Saylor to a debate during Binance Blockchain Week in Dubai in December at which both are scheduled to attend. Saylor has not replied. 

Strategy Continues Bitcoin Accumulation In Market Downturn

Strategy started buying Bitcoin in 2020 and has become the largest corporate BTC holder globally, with 649,870 BTC on its balance sheet, data from Bitcoin Treasuries shows. 

The company’s most recent purchase was announced yesterday, when Strategy’s founder Michael Saylor said in post on X that the firm bought 8,178 BTC for approximately $835.6 million at an average price of $102,171 per Bitcoin.

The most recent purchase was made using proceeds from at-the-market sales of the company’s perpetual Strike preferred stock (STRK), perpetual Strife preferred stock (STRF), and perpetual Stretch preferred stock (STRC). The company also used proceeds from its recently-unveiled, euro-denominated preferred stock (STRE).