TD Cowen raises Bitcoin price forecast, predicting $109K by the end of 2026 and $280K by 2029, but maintains a Buy rating for Strategy (MSTR) with a $260 price target. Analysts point out that while Bitcoin's rise could improve Strategy's profitability, equity dilution from ongoing financing, obligations related to preferred shares, and cash reserve building will limit earnings per share for common shareholders. Strategy holds approximately 848K BTC with an unrealized profit of about $4.5 billion. Its market cap-to-Bitcoin net asset value ratio (mNAV) has recovered from a June low of 0.63 to around 1. Due to the higher repayment priority of debt and preferred shares like STRC, STRF, and STRD over common stock, Strategy's BTC accumulation does not necessarily increase BTC holdings per share. (The Block) https://(wublock123.com)/news/td-cowen-bitcoin-to-109k-year-end-equity-dilution-limits-strategy-gains-69749