MicroStrategy's preferred stock issuance at a 20% premium, TD Cowen raises MSTR target price to $680.

The pioneer of Bitcoin reserve strategy, MicroStrategy (, has once again raised funds to buy Bitcoin through the issuance of preferred and common stock. Looking closely at its issuance conditions, preferred stock has changed from a discounted issuance to a 20% premium issuance, indicating that its strategy has successfully attracted market capital. Investment bank TD Cowen has also raised its target price for MSTR to $680 and rated the three preferred stocks as "buy."

Strategy through issuance of preferred and common stock to raise funds to buy Bitcoin

Strategy this time through issuance

Common stock MSTR raised 330.9 million dollars

8% convertible preferred stock STRK raised 71.1 million USD

10% preferred stock STRF raised 55.3 million USD

10% preferred stock STRD raised 15 million dollars

A total of 472.3 million USD was raised, all of which was used to purchase Bitcoin. Strategy acquired 4,225 Bitcoins at an average cost of 111,827 USD. As of July 13, 2025, MicroStrategy holds 601,550 Bitcoins at an average cost of 71,268 USD per Bitcoin, with a total cost of 42.87 billion USD.

Preferred stock issuance at a 20% premium?

Observing the conditions of this preferred stock issuance, it is found that three preferred stocks have quietly risen from the initial issuance prices of 80 dollars and 85 dollars to 124 dollars, 125 dollars, and 95 dollars. The numbers in the table below are based on the nominal amount and net income )Net proceeds( calculation, which also includes issuance costs, so the actual issuance prices may be higher.

This also explains that MicroStrategy's fundraising through preferred shares has successfully attracted market capital, after all, there is a fixed dividend every quarter and a protection of 100 yuan on the downside. Unless MicroStrategy is delisted, it is still a good investment option no matter how you look at it.

Nominal Amount ) million USD ( Net Income ) million USD ( Estimated Issuance Price ) USD ( STRK 57.4 71.1 124 STRF 44.4 55.3 125 STRD 15.8 15 95

) Can Bitcoin concept stocks also earn stable dividends every quarter? A comprehensive analysis of MicroStrategy's three preferred stocks (

TD Cowen raised the target price for MSTR to 680 USD

Investment bank TD Cowen predicts that the price of Bitcoin will reach $155,000 this December, given that Strategy is the largest holder of Bitcoin in the world, which is almost certain to drive up the company's stock price. TD Cowen also raised the target price for Strategy's stock )MSTR( to $680 per share. In addition, it rated three types of Strategy's preferred shares as "buy," stating that these securities "offer attractive yield and price appreciation potential, with expected volatility lower than common stocks or the underlying Bitcoin." The target prices are as follows:

MSTR: 680 USD

STRK: 140 USD

STRF: 126 USD

STRD: 112 USD

This article discusses MicroStrategy's preferred stock issuance at a 20% premium, with TD Cowen raising the target price for MSTR to $680. It first appeared in Chain News ABMedia.