二十一首資本可以驗證微觀的比特幣劇本

TD Cowen，Lance Vitanza和Jonnathan Navarrete的分析師認為，擬議的二十一個資本不是威脅，而是對MicroStrategy（MSTR）長期比特幣戰略的有力認可。

Analysts at TD Cowen view the proposed launch of Twenty One Capital not as a threat, but as a powerful endorsement of MicroStrategy’s (MSTR) long-term Bitcoin strategy, according to a report by the analysts, Lance Vitanza and Jonnathan Navarrete.

根據分析師Lance Vitanza和Jonnathan Navarrete的一份報告，TD Cowen View的分析師提議推出的21個資本不是威脅，而是對MicroStrategy（MSTR）的長期比特幣戰略的有力認可。

“The proposed launch of Twenty One reflects the most-meaningful validation of Strategy’s bitcoin treasury operations to date,” the analysts wrote in a client note, adding that they remain “incrementally bullish” on MSTR stock.

分析師在客戶票據中寫道：“擬議的二十個發射反映了戰略對比特幣財政部業務的最大驗證。”

Their optimism stems from the potential implications of Twenty One, a new investment firm focused on blockchain technology, entering the public markets.

他們的樂觀源於二十一家的潛在影響，這是一家新的投資公司，專注於區塊鏈技術，進入公共市場。

A Potential Catalyst for Institutional Bitcoin Adoption

採用機構比特幣的潛在催化劑

TD Cowen suggests that Twenty One’s entry could actually enhance confidence in Michael Saylor’s Bitcoin acquisition strategy—particularly among institutional investors who have been historically skeptical of such aggressive crypto treasury policies.

TD Cowen認為，二十一個人的入境實際上可以增強對邁克爾·塞勒（Michael Saylor）的比特幣採集策略的信心，這尤其是在歷史上對這種積極的加密貨幣政策持懷疑態度的機構投資者中。

However, with Twenty One now seeking to raise $1 billion from a small group of institutional investors for a debut later this year, the analysts believe this move could significantly amplify the narrative around corporate Bitcoin engagement.

但是，由於二十一名現在試圖從一小部分機構投資者那裡籌集10億美元，以便於今年晚些時候首次亮相，分析師認為，這一舉動可以大大擴大圍繞企業比特幣參與的敘述。

“We believe this is a positive development for bitcoin as it could help broaden institutional participation in the asset class and, in turn, increase the demand for BTC to an extent that could offset any increased pressure on MSTR’s cost of capital as a result of this new fund,” they said.

他們說：“我們認為，這是比特幣的積極發展，因為它可以幫助擴大資產類別的機構參與，進而將BTC的需求增加，直到可以抵消由於這項新基金而增加MSTR資本成本的任何壓力的程度。”

“Certainly this is what Michael Saylor professes to believe as he has repeatedly stated that he hopes to see more U.S. companies adopt bitcoin into their treasury.”

“當然，這就是邁克爾·塞勒（Michael Saylor）自稱要相信的，因為他一再表示希望看到更多的美國公司在國庫中採用比特幣。”

$550 Price Target and Bold BTC Holdings Forecast

$ 550的價格目標和大膽的BTC控股預測

TD Cowen has maintained its $550 price target for MicroStrategy stock and projected a roadmap for the company’s Bitcoin holdings. By the end of fiscal year 2027, they estimate that MicroStrategy could control 757,000 BTC, which would represent about 3.6% of Bitcoin’s total supply.

TD Cowen為MicroStrategy股票保持了550美元的價格目標，並預測了該公司比特幣持有量的路線圖。到2027財政年度結束時，他們估計MicroStrategy可以控制757,000 BTC，這將佔比特幣總供應量的3.6％。

If Bitcoin reaches an average price of $170,000 by that time, TD Cowen anticipates the company’s BTC portfolio could be valued at $129 billion. This substantial addition to MicroStrategy’s balance sheet would also benefit shareholders.

如果當時比特幣的平均價格達到170,000美元，TD Cowen預計該公司的BTC投資組合的價值可能為1,290億美元。 MicroStrategy資產負債表的大量補充也將使股東受益。