TD Cowen lowers the target price for Strategy to $350 and gives buy ratings to four crypto treasury companies including Sharplink

MarsBitNews · 2026-04-10T12:13:00+00:00

TD Cowen lowers the target price for Strategy (MSTR) by 20.5% to $350, maintaining a buy rating, due to decreased Bitcoin price expectations. Analysts forecast Bitcoin revenue of $7.87 billion for fiscal year 2026, and remain optimistic about the company's leverage investment in Bitcoin. All four digital asset companies are rated as buy.

MarsBitNews

2026-04-10 12:13:00

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Mars Finance reported that on April 10, according to The Block, TD Cowen lowered Strategy’s (MSTR) target price by 20.5% from $440 to $350, while maintaining a buy rating. Analysts Lance Vitanza and Jonathan Navarrete attributed this change to “lowered Bitcoin price expectations” and a reduction in the valuation multiple applied to the company’s Bitcoin earnings. They lowered their Strategy fiscal year 2026 “BTC earnings” forecast to $7.87 billion, down from $10.17 billion in 2025, but still believe the company’s core investment thesis is to convert market demand for volatility into Bitcoin in the form of “effective leverage.”

TD Cowen’s base-case scenario assumes Bitcoin reaches $140,000 in December 2026, with the company adding about $5 billion worth of Bitcoin each quarter. In the optimistic scenario, Bitcoin rises to $175,000, and the pace of additional purchases exceeds $5 billion per quarter. In the pessimistic scenario, Bitcoin falls to $25,000; due to market conditions or disruptions to financing channels, the company will pause further Bitcoin purchases.

In addition, TD Cowen covers four digital asset treasury firms, all rated as buy: Sharplink (SBET), Strive (ASST), Nakamoto Holdings (NAKA), and The Smarter Web Company (SWC.LN). Regarding target prices, Sharplink is set at $16, Strive at $26, Nakamoto Holdings at $1, and The Smarter Web Company at £1 (about $1.34).

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