{"id":4414,"date":"2025-07-29T12:16:19","date_gmt":"2025-07-29T12:16:19","guid":{"rendered":"https:\/\/digkrypton.com\/index.php\/2025\/07\/29\/td-cowen-says-strategy-can-purchase-17000-bitcoin-without-equity-dilution\/"},"modified":"2025-07-29T12:16:19","modified_gmt":"2025-07-29T12:16:19","slug":"td-cowen-says-strategy-can-purchase-17000-bitcoin-without-equity-dilution","status":"publish","type":"post","link":"https:\/\/digkrypton.com\/index.php\/2025\/07\/29\/td-cowen-says-strategy-can-purchase-17000-bitcoin-without-equity-dilution\/","title":{"rendered":"TD Cowen Says Strategy Can Purchase 17,000 Bitcoin Without Equity Dilution"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

TD Cowen Says Strategy Can Purchase 17,000 Bitcoin Without Equity Dilution<\/a><\/p>\n

<\/div>\n

Strategy (MSTR), the world\u2019s largest corporate Bitcoin holder, has raised<\/a> $2.52 billion through the IPO of its new preferred stock, Stretch (STRC), pricing 28 million shares at $90 each, surpassing the initial $500 million target. This marks the biggest equity IPO of 2025 so far, according<\/a> to TD Cowen, which also noted that the structure allows Strategy to continue accumulating Bitcoin without diluting existing common shareholders.<\/p>\n

Strategy now holds 607,770 BTC, worth about $80 billion, with a market cap of $114 billion. At the time of writing, MSTR shares trade around $406.5. Nearly all of the $2.47 billion in net proceeds will be used to buy more Bitcoin. At an assumed average price of $120,000 per BTC, Strategy could add over 20,500 BTC to its treasury.\u00a0<\/p>\n

\u201cBy offering a wide assortment of bitcoin\u2011backed securities designed to appeal to discreet classes of investors, Strategy acts as a funnel for institutional capital flows into Bitcoin<\/a>,\u201d TD Cowen\u2019s Lance Vitanza and Jonnathan Navarrete wrote in a note to clients. \u201cIt\u2019s a sound business model that has attracted many new entrants\u2026 no one is likely to match let alone beat Strategy\u2019s cost\u2011of\u2011capital advantage.\u201d<\/p>\n

The STRC stock offers a variable annual dividend starting at 9%, payable monthly in cash, and is designed to maintain a trading price near its $100 par value. The company retains redemption rights once listed and offers protections like repurchase options and dividend accrual for shareholders.<\/p>\n

Strategy continues positioning itself as the institutional gateway to Bitcoin. TD Cowen analysts noted the firm\u2019s cost-of-capital advantage and projected it could add another 17,000 BTC over the next decade without diluting common shareholders.<\/p>\n

This move aligns with Strategy\u2019s aggressive Bitcoin accumulation plan, which includes its 42\/42 program targeting $84 billion<\/a> in capital raised for BTC purchases through 2027. It follows last week\u2019s $740 million Bitcoin buy of 6,220 BTC.<\/p>\n

This post TD Cowen Says Strategy Can Purchase 17,000 Bitcoin Without Equity Dilution<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Oscar Zarraga Perez<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine TD Cowen Says Strategy Can Purchase 17,000 Bitcoin Without Equity Dilution Strategy (MSTR), the world\u2019s largest corporate Bitcoin holder, has raised $2.52 billion through the IPO of its new preferred stock, Stretch (STRC), pricing 28 million shares at $90 each, surpassing the initial $500 million target. This marks the biggest equity IPO of […]<\/p>\n","protected":false},"author":0,"featured_media":4415,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/4414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=4414"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/4414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/4415"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=4414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=4414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=4414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}