TD Cowen: Due to Strive's increased holdings in BTC exceeding expectations, it raised its target stock price to $56

According to The Block, TD Cowen analysts have raised the target price for Bitcoin treasury company Strive from $44 to $56, maintaining a "Buy" rating. Analysts Lance Vitanza and Jonnathan Navarrete noted that the amount of Bitcoin purchased by Strive in the past two weeks has exceeded their previous expectations for the entire fourth quarter.

The company's Bitcoin holdings increased from 28,000 coins at the end of September to 35,595 coins (worth approximately $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 jumped to fourth place among publicly traded companies in terms of Bitcoin holdings, slightly surpassing MARA. Additionally, Strive plans to expand its preferred stock issuance to 7 million shares (at $90 per share), aiming to raise $630 million to continue increasing its Bitcoin holdings without diluting common stock. The issuance is expected to be completed on October 20.