二十一首资本可以验证微观的比特币剧本

TD Cowen，Lance Vitanza和Jonnathan Navarrete的分析师认为，拟议的二十一个资本不是威胁，而是对MicroStrategy（MSTR）长期比特币战略的有力认可。

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.

根据分析师Lance Vitanza和Jonnathan Navarrete的一份报告，TD Cowen View的分析师提议推出的21个资本不是威胁，而是对MicroStrategy（MSTR）的长期比特币战略的有力认可。

“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.

分析师在客户票据中写道：“拟议的二十个发射反映了战略对比特币财政部业务的最大验证。”

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

他们的乐观源于二十一家的潜在影响，这是一家新的投资公司，专注于区块链技术，进入公共市场。

A Potential Catalyst for Institutional Bitcoin Adoption

采用机构比特币的潜在催化剂

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认为，二十一个人的入境实际上可以增强对迈克尔·塞勒（Michael Saylor）的比特币采集策略的信心，这尤其是在历史上对这种积极的加密货币政策持怀疑态度的机构投资者中。

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，由于二十一名现在试图从一小部分机构投资者那里筹集10亿美元，以便于今年晚些时候首次亮相，分析师认为，这一举动可以大大扩大围绕企业比特币参与的叙述。

“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.

他们说：“我们认为，这是比特币的积极发展，因为它可以帮助扩大资产类别的机构参与，进而将BTC的需求增加，直到可以抵消由于这项新基金而增加MSTR资本成本的任何压力的程度。”

“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.”

“当然，这就是迈克尔·塞勒（Michael Saylor）自称要相信的，因为他一再表示希望看到更多的美国公司在国库中采用比特币。”

$550 Price Target and Bold BTC Holdings Forecast

$ 550的价格目标和大胆的BTC控股预测

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为MicroStrategy股票保持了550美元的价格目标，并预测了该公司比特币持有量的路线图。到2027财政年度结束时，他们估计MicroStrategy可以控制757,000 BTC，这将占比特币总供应量的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.

如果当时比特币的平均价格达到170,000美元，TD Cowen预计该公司的BTC投资组合的价值可能为1,290亿美元。 MicroStrategy资产负债表的大量补充也将使股东受益。