PANews reported on July 22 that according to The Block , TD Cowen said that the premium of Strategy ( MSTR ) is reasonable. After Strategy increased its holdings of 6,220 bitcoins last week, the number of bitcoins corresponding to each MSTR share increased by 20.8% from the beginning of the year. TD Cowen reiterated its $ 680 target price and expected the company to hold nearly 900,000 bitcoins by 2027. The report pointed out that Strategy continued to fund Bitcoin purchases by issuing new preferred shares " Stretch " , forming a capital flywheel effect. Analysts believe that the company continues to increase its holdings of Bitcoin through low-cost financing, and the number of Bitcoins per share continues to increase. This "intrinsic" premium is expected to continue for a long time, or even expand further.