TD Cowen analysts warn that MicroStrategy's share dilution and financial obligations may cap returns for common shareholders despite bullish Bitcoin price forecasts.
TD Cowen has raised its 2029 Bitcoin price target to $280,000 and its 2026 year-end projection to $109,000, citing strong third-quarter performance.
TD Cowen Managing Director Lance Vitanza projects Bitcoin will reach $132 000 by 2027 as institutional interest shifts toward integrating the asset into capital markets.
TD Cowen analysts report that Bitcoin is evolving into critical financial infrastructure, moving beyond its traditional role as a standalone investment asset.
