TD Cowen raises Strive price target to $56 as BTC accumulation beats expectations

PANews reported on October 17, citing The Block, that TD Cowen analysts raised their price target for bitcoin treasury company Strive from $44 to $56 and maintained a "Buy" rating. Analysts Lance Vitanza and Jonnathan Navarrete noted that the amount of bitcoin Strive purchased over the past two weeks has already exceeded their previous expectations for the entire fourth quarter. The company's bitcoin holdings grew from 28,000 coins at the end of September to 35,595 coins (worth about $2.9 billion), a net increase of nearly 7,600 coins, far exceeding TD Cowen's original estimate of 4,750 coins. Strive has now climbed to fourth place among publicly traded companies by bitcoin holdings, slightly surpassing MARA. In addition, Strive plans to expand its preferred stock offering to 7 million shares (at $90 per share), aiming to raise $630 million to continue accumulating bitcoin without diluting common shares. The offering is expected to be completed on October 20.