TD Cowen Bullish on Strategy Shares Research and brokerage firm TD Cowen remains optimistic about Strategy Shares, even in the face of Bitcoin's volatility and a declining mNAV (market capitalization to BTC holdings ratio). TD Cowen projects a significant 170% upside potential for the stock. Factors Driving Optimism According to The Block, TD Cowen believes demand for Strategy Shares will remain strong. Key drivers include the potential for inclusion in the S&P 500 index and anticipated improvements in U.S. regulations surrounding cryptocurrency. The firm also forecasts that Strategy Shares will hold approximately 815,000 BTC by 2027, indicating a strong belief in its long-term growth. This growth projection signals confidence in the fund's ability to capitalize on the future of Bitcoin. ```