TD Cowen Investment Bank: Strategy Cash Reserve Increased to $21.9 Billion to Enhance Resilience During 'Extended Crypto Winter'

On December 23, The Block reported that Strategy—a Bitcoin treasury firm—announced Monday it has raised approximately $7.48 billion through a common stock sale, boosting its U.S. dollar cash reserves to $21.9 billion. TD Securities, a subsidiary of investment bank TD Cowen, noted the expanded cash hoard is enough to cover roughly 32 months of the company’s interest and dividend payments, helping Strategy sustain robust operations amid a more challenging market landscape. TD Securities analyst Lance Vitanza stated: “This move underscores the strength of the company’s balance sheet, which should ease market concerns about its ongoing operational capacity—even in a long-term ‘crypto winter’ scenario. We believe enhancing liquidity during periods of stress is always a prudent step, and all of Strategy’s stakeholders will benefit significantly from these actions.” TD Securities has reiterated its “Buy” rating on Strategy and maintained its 12-month price target of $500. Strategy’s current stock price is around $165, with a year-to-date decline of more than 43%.