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TD Cowen Lowers Strategy Price Target to $350, Initiates Buy Rating on Four Cryptofinance Companies Including Sharplink

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April 10, per The Block: TD Cowen cut its target price for MicroStrategy (MSTR) to $350 from $440 (a 20.5% drop) while retaining a Buy rating. Analysts Lance Vitanza and Jonathan Navarrete cited "lower expected Bitcoin prices" and a reduced valuation multiple for the firm’s Bitcoin earnings as the driver. The pair trimmed their 2026 fiscal year "BTC earnings" forecast to $7.87 billion—below 2025’s $10.17 billion—but noted MSTR’s core investment thesis still centers on converting market demand for volatility into Bitcoin via an "effective leveraged form." TD Cowen’s scenarios for MSTR: - **Base case**: Bitcoin hits $140,000 by December 2026; MSTR adds ~$5 billion in Bitcoin quarterly. - **Optimistic**: Bitcoin rises to $175,000; quarterly purchases exceed $5 billion. - **Pessimistic**: Bitcoin drops to $25,000; MSTR pauses buys due to market conditions/financing constraints. The firm also covers four digital asset treasury companies (all Buy-rated): - Sharplink (SBET): $16 target - Strive (ASST): $26 target - Nakamoto Holdings (NAKA): $1 target - The Smarter Web Company (SWC.LN): £1 (~$1.34) target
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Analyst: Bitcoin Still Faces Oil Price Shock and Inflation Test, Macro Uncertainty Continues to Impact Market

Bitcoin and Ethereum rallied this week, with Bitcoin up ~8% in the past seven days to $72,267 (per The Block), while Ethereum gained ~7.8% over the same period and several altcoins rebounded. Spot ETFs saw strong inflows on April 9: Bitcoin spot ETFs pulled in $358 million, and Ethereum spot ETFs added ~$85 million (Farside data). But analysts note the market hasn’t escaped volatility tied to geopolitics and interest rates. QCP Capital said this week’s key takeaway: A ceasefire doesn’t equal a full return of risk appetite. Crude has absorbed some war premium, but not enough to ease inflation pressures, and markets are far from pricing in a smooth recovery. Simon Massabni, senior analyst at XS.com, added Bitcoin is at a crossroads between the Strait of Hormuz and Wall Street—geopolitical tensions and institutional caution are driving its next move. On the inflation front: March CPI rose 3.3% year-over-year (YoY), up from February’s 2.4% (led by higher energy costs) and slightly

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Surging Oil Prices Drive Inflation Higher, U.S. March CPI Jumps Sharply

April 10 U.S. Department of Labor data released Friday showed March CPI rose 3.3% year-over-year—well above February’s 2.4% reading. Core inflation (excluding food and energy) climbed 2.6% on a year-over-year basis, slightly below the 2.7% market forecast. March energy prices jumped 12.5% y/y, sharply faster than February’s 0.5% gain. Gasoline prices rose 18.9% while fuel oil surged 44.2%. This was the first report to capture the Iran war’s impact on U.S. inflation: Closure of the Strait of Hormuz disrupted shipping last month, pushing up crude oil and gasoline prices. Economists warn that even if the Strait fully reopens, energy and commodity prices that spiked amid the war are unlikely to return to pre-war levels immediately. Businesses typically act fast to hike prices but are slower to cut them. Stifel Chief Economist Lindsey Piegza noted: “Most of these impacts will likely materialize one to two months down the line.”

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U.S. Delegation Departs for Pakistan to Participate in US-Iran Negotiations

On the evening of April 10 (Pakistan time), a U.S. delegation attending U.S.-Iran negotiations departed for Islamabad, Pakistan, with Vice President Mike Pence aboard. Before departure, Pence voiced anticipation for talks on the Iran issue, noting that President Donald Trump had provided “fairly clear guidance” on the discussions. (CCTV News)

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Gasoline Price Surge Accounts for Almost Three-Quarters of U.S. CPI Gain

On April 10, data showed the March U.S. non-seasonally adjusted annual CPI rate came in at 3.3%—with gasoline prices making up nearly three-quarters of the increase in U.S. CPI. (Financial Times)

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The key negotiations between Iran and the United States are set to take place tomorrow

April 10th — Pakistani media confirmed an Iranian delegation has arrived for negotiations, with key talks between Iran and the U.S. set to take place tomorrow. (Golden Ten)

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The Strategy Preferred Stock (STRC) has raised funds this week to purchase 8000 BTC.

On April 10, BitcoinTreasuries.NET reported that Strategy’s preferred stock STRC has raised sufficient funds this week to acquire 8,000 BTC.

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