Institutions are aggressively buying Bitcoin! TD Cowen invests another $51.4 million, Strategy and Metaplanet step in to increase their holdings.

Bitcoin (BTC) corporate whale takes action again. According to the latest disclosure, Strategy, led by Michael Saylor, spent $51.4 million on August 18 to increase its holdings by 430 BTC, at an average price of approximately $119,666. This acquisition brings its total holdings to 629,376 BTC, accounting for nearly 3% of the total Bitcoin supply. Investment bank TD Cowen maintains a price target of $680 for Strategy's stock in its latest report and forecasts that the company will hold 4.3% of the world's Bitcoin by the end of 2027.

Holdings reach new highs

After this increase, Strategy's total investment in Bitcoin has exceeded 46 billion USD, with an average cost of about 73,320 USD. Based on the current BTC price of 116,535 USD, the unrealized profit has surpassed 27 billion USD. Since the beginning of this year, BTC has risen by 25.1%, further boosting the company's net asset value.

It is noteworthy that the funds for this acquisition mainly come from the issuance of preferred shares, including $19 million of STRK, $18 million of STRF, and $12 million of STRD, indicating that the company is flexibly utilizing capital market tools to expand its BTC reserves.

TD Cowen: The Shift from Defensive to Opportunistic

TD Cowen pointed out in the report that Strategy's initial Bitcoin acquisition strategy was a defensive operation aimed at protecting the value of reserve assets. However, today, this strategy has evolved into an opportunistic model, accelerating the expansion of BTC holdings through debt and equity financing.

Analysts believe that this model transforms the market's preference for volatility and high returns into a leverage effect for the appreciation of Bitcoin assets. TD Cowen predicts that by the end of 2027, the Strategy will hold approximately 900,000 BTC, at which point the BTC price is expected to reach $232,000.

mNAV Issuance Policy Adjustment Sparks Attention

In the latest equity guidance, Strategy has adjusted the stock issuance policy based on the multiple of net asset value (mNAV):

Above 4.0 times mNAV: Actively issuing stocks to purchase BTC

Between 2.5–4.0 times: Opportunity issuance

Below 2.5 times: Limited to debt repayment and dividends

Below 1.0 times: possible initiation of repurchase plan

This framework is more flexible than the version from a month ago, allowing for the issuance of new shares to increase Holdings in BTC even when mNAV is below 2.5 times under certain circumstances.

Metaplanet Synchronized Expansion BTC Holdings

At the same time as Strategy, the Japanese listed company Metaplanet also announced the acquisition of 775 BTC at an average price of $119,853, with a total expenditure of approximately $92.8 million. So far this year, Metaplanet's BTC holdings have increased fourfold to 18,888 coins, with a cumulative investment amount of approximately $1.9 billion.

Currently, Strategy and Metaplanet hold a total of 3.1% of the circulating Bitcoin supply, indicating that the influence of listed companies in the distribution of Bitcoin assets is rapidly increasing.

Conclusion

As companies like Strategy and Metaplanet continue to expand their Bitcoin reserves, the linkage effect between the corporate capital market and BTC prices becomes increasingly evident. TD Cowen maintains a price target of 680 USD for Strategy and is optimistic about its long-term holding strategy. For investors, the adjustments in the mNAV policy and changes in institutional holdings will be important indicators for assessing the trend of the Bitcoin market. For more real-time market data and in-depth analysis, please follow the official Gate platform.