**[TD Cowen: Strategy Is More Capable Than Ever of Withstanding Bitcoin Crashes and Seizing Recovery Opportunities]** According to The Block, investment bank TD Cowen released a report stating that Bitcoin treasury company Strategy is financially more capable than ever of weathering the current market downturn and benefiting from recovery. The report maintains its $440 target price and "Buy" rating for the company, while keeping its price predictions for Bitcoin at $177,000 by the end of 2026 and $226,000 by the end of 2027. Analysts pointed out that Strategy's balance sheet and financing tools are specifically designed for such market conditions. The company currently holds $2.25 billion in cash reserves, sufficient to cover approximately $900 million in fixed expenses for nearly 17 months, and to repay $1 billion in convertible notes due in 2027. They believe that under "any reasonable scenario," the company will not be forced to sell Bitcoin or alter its operational strategy, with the earliest potential financial pressure point being March 2028. The report emphasizes that the volatility of Strategy's stock price is a deliberate design feature: its common stock is intended to achieve approximately 1.5 times the volatility of Bitcoin, typically outperforming Bitcoin during price increases and underperforming during declines. This leverage effect is a core part of its product proposition.