TD Cowen, a division of TD Securities, formally initiated coverage of Bitcoin treasury companies in early 2026 and estimates their aggregate holdings could reach 2.1 million BTC, representing a double-digit percentage of Bitcoin’s total supply. Strategy (formerly MicroStrategy) leads the segment by a wide margin with 843,738 BTC, over 4% of total supply, having acquired 24,869 BTC in a single week in May 2026, absorbing roughly eight times weekly new supply. The firm maintains Buy ratings on Nakamoto and Strive while adjusting Strategy’s price target from $400 to $260, reflecting shifts in Bitcoin price outlook. Digital credit operations now contribute approximately 28.5% of Strategy’s total assessed value.
Source: Read the original article
