TD Cowen Lowers Strategy Price Target to $350, Initiates Buy Rating on Four Cryptofinance Companies Including Sharplink

BlockBeats News, April 10th, according to The Block, TD Cowen has lowered its target price for MicroStrategy (MSTR) from $440 to $350, a 20.5% decrease, while maintaining a Buy rating. Analysts Lance Vitanza and Jonathan Navarrete attributed this adjustment to "lower expected Bitcoin prices" and a reduction in the valuation multiple for the company's Bitcoin earnings. The two analysts have lowered their 2026 fiscal year "BTC earnings" expectation to $7.87 billion, below the $10.17 billion in 2025, but still believe that the core investment thesis of the company is to convert the market's demand for volatility into Bitcoin in an "effective leveraged form."

TD Cowen's base-case scenario for MicroStrategy assumes Bitcoin reaching $140,000 by December 2026, with the company adding approximately $5 billion in Bitcoin to its holdings every quarter; in the optimistic scenario, Bitcoin rises to $175,000, with the addition size exceeding $5 billion per quarter; in the pessimistic scenario, Bitcoin drops to $25,000, and due to market conditions or constraints in financing, the company will pause its purchases.

Additionally, TD Cowen covers four digital asset treasury companies, all with Buy ratings, namely Sharplink (SBET), Strive (ASST), Nakamoto Holdings (NAKA), and The Smarter Web Company (SWC.LN). As for the target prices, Sharplink is $16, Strive is $26, Nakamoto Holdings is $1, and The Smarter Web Company is £1 (approximately $1.34).