TD Cowen raises Strive price target by 27% to $56, bullish on its continued Bitcoin accumulation.

BlockBeats news, October 17 — TD Cowen analysts raised the price target for Bitcoin treasury company Strive (ASST) from $44 to $56, an increase of approximately 27%. The analysts noted that Strive's Bitcoin purchases over the past two weeks have already exceeded previous expectations for the entire fourth quarter.

As of now, Strive holds 35,595 BTC, valued at approximately $2.9 billion at current prices, an increase of nearly 7,600 coins from 28,000 at the end of September, surpassing TD Cowen's previous fourth-quarter accumulation target of 4,750 coins. Its Bitcoin holdings have risen to fourth place among public companies, slightly above MARA's reported holdings.

On the financing side, Strive expanded its SATS preferred stock offering to 7 million shares at $90 per share, aiming to raise $630 million, with the offering expected to close on October 20. TD Cowen believes this offering is expected to provide funding for further Bitcoin purchases while avoiding additional common stock issuance.

Analysts also noted that previous warrant exercises led to an increase in diluted share count, putting pressure on Bitcoin yield, but with the $27 strike price warrants exhausted, the related pressure is expected to ease.