Strategy raises Bitcoin holdings to over 843,000 BTC, prompting TD Cowen to lift price target to $400

Between May 11 and May 17, 2026, Strategy (ticker MSTR) purchased 24,869 Bitcoin for about $2.01 billion at an average price of $80,985 per BTC. The acquisition raised the company’s total Bitcoin balance to 843,738 BTC—more than 4% of the 21 million‑coin supply—after a series of capital raises.

The purchases were funded largely with $1.95 billion raised through preferred‑share offerings and a $1.5 billion buyback of 2029 convertible notes at roughly an 8% discount, actions TD Cowen said improve Strategy’s balance‑sheet strength and reduce future dilution. On this basis, the brokerage raised its share price target from $395 to $400 while keeping a Buy rating, noting that the firm bought more BTC in a single week than TD Cowen had projected for the entire second quarter.

TD Cowen now expects Strategy to acquire around 100,000 BTC in Q2, lifting its full‑year BTC‑yield estimate to 19.8% (from 18.2%) and its projected 2026 BTC dollar‑gain to $15.16 billion. The target valuation uses a 3× multiple on that gain, adds an estimated $132.9 billion of year‑end BTC holdings, and subtracts debt and preferred‑equity obligations. Strategy’s common stock was trading near $166.6, down roughly 63% from its 52‑week high, while Bitcoin price hovered around $77,000 during the buying spree.