TD Cowen Reduces PT on Strategy (MSTR) Stock

Group 1: Company Performance - Strategy Inc (NASDAQ:MSTR) is recognized as one of the best undervalued stocks to invest in, according to Reddit discussions [1] - The company expanded its bitcoin holdings to 628,791 bitcoins and raised over $10 billion through its ATM programs and IPOs [1] - Strategy Inc's Bitcoin per Share (BPS) increased by 25% year-to-date, leading to revised full-year BTC Yield and BTC $ Gain KPI targets of 30% and $20 billion, respectively [2] Group 2: Market Analysis - TD Cowen reduced the price target on Strategy Inc's stock to $620 from $640 while maintaining a "Buy" rating, citing a ~50% premium to bitcoin holdings as undervaluing expected BTC Yield [1] - The company received aggregate net proceeds of approximately $6.8 billion during the three months ended June 30, 2025, and an additional ~$3.7 billion from July 1, 2025, to July 29, 2025 [2] Group 3: Industry Context - There is ongoing debate regarding Bitcoin's potential to become an official currency, with a proposed bill in Congress for the U.S. to establish a "Strategic Bitcoin Reserve" to purchase one million Bitcoins over five years [3] - The proposed bill aims to use public funds to increase Bitcoin prices, which raises concerns about the use of taxpayer money, although it may gain traction due to support from Bitcoin-owning advocates in the new administration [3]