**[TD Cowen: Strategy's Bitcoin Premium Approaching "Crypto Winter" Lows, but Buy Rating Maintained]** According to The Block, TD Cowen's latest report indicates that the Bitcoin premium of Michael Saylor's Strategy continues to decline and is now "approaching the lows of the 2021-2022 'crypto winter'." The report includes two updated premium charts (one tracing back to 2020 and the other covering the past 12 months), showing that Strategy did not issue additional shares or purchase new Bitcoin through its at-the-market (ATM) program yesterday. This move has reignited market attention on its current premium levels. The charts reveal that the current premium has significantly retreated from its peak at the end of last year and is gradually compressing to levels seen between late 2021 and early 2022. Nevertheless, TD Cowen remains bullish on MSTR, maintaining a Buy rating and a price target of $535 (approximately 200% higher than Strategy's current stock price of around $180), stating that "achieving this target within a year is reasonable and achievable." The report notes: "We have not adjusted our underlying Bitcoin price forecast and estimate that Strategy will hold 815,000 Bitcoins by the end of fiscal year 2027. Based on this, we calculate that the value of its holdings will exceed $185 billion by December 2027, translating to an intrinsic value of approximately $540 per share. The $535 price target reflects zero premium to the intrinsic value per share as of December 2027." The report also emphasizes that the risk of Strategy being removed from the MSCI index has weighed on its stock price. It expects the company to be removed from the index and to remain under pressure due to the "shadow" of MSCI.