Strategy's financial engineering is receiving Wall Street backing this week. JP Morgan and TD Cowen have validated the preferred stock model that will allow the firm to accelerate its Bitcoin accumulation to unprecedented levels.
Strategy's Bitcoin accumulation strategy is challenging traditional valuation metrics. Recent reports issued by T. D. Cowen y JPMorgan They agree that the firm has ceased to be a simple vehicle for passive exposure to Bitcoin and has transformed into a high-speed financial structure.
While TD Cowen adjusts its price target for Strategy shares to $395 —which implies a potential revaluation of 110%—, JPMorgan focuses on its capital deployment capacity, estimating that Bitcoin acquisitions could reach $30.000 billion by the end of 2026.
These Wall Street firms' projections are based on the shift in Strategy's balance sheet architecture, which prioritizes fixed-income instruments over the issuance of common stock. The resulting efficiency of this strategy allows the firm, led by Michael Saylor, to absorb market assets at a rate exceeding its own dilution rate, enabling it to consolidate a corporate treasury model unprecedented in the global financial system.
Buy with Bitcoin nowCapital optimization through the use of STRC preferred shares
TD Cowen's analysis delves deeper into the use of Perpetual Preferred Shares (STRC) as the main driving force of this new stage.
The strategists Lance Vitanza y Jonathan Navarrete They emphasized that the issuance of these instruments with a dividend of 11,5% It allows investors seeking fixed returns to raise capital by directing those funds directly to the purchase of Bitcoin. This approach drastically improves the «BTC Yield», a metric that measures the accumulation of assets for each outstanding share.
The firm's projections raise this rate to 18,2% for the fiscal year 2026, indicating that the company could add Bitcoin to its balance sheet much faster than it issues new shares.
On the other hand, regarding the fears that arose in the market this week about the possible sale of bitcoins to cover dividendsThe TD Cowen report dismisses these concerns as exaggerated. Annual liabilities arising from STRCs represent approximately 2,2% of total treasure of 818.334 bitcoins which owns Saylor's company.
Analysts argue that even a moderate appreciation in the price of the underlying asset would cover these operating costs without compromising the long-term accumulation thesis. Under this framework, the bank establishes a base scenario where Bitcoin reaches... $140.000 by the end of 2026, with an even more optimistic scenario that puts the figure at $175.000 per unit.
Strategy accelerates institutional demand for Bitcoin
JPMorgan complements this technical view by focusing on the operational aggressiveness shown during the first months of 2026.
The bank's analysts, led by Nikolaos PanigirtzoglouThey point out that Michael Saylor's firm has already added 145.834 bitcoins so far this year, an investment of close to 11.000 billion dollars.
If the current pace continues, Strategy could end the year with acquisitions worth $30.000 billion, significantly surpassing the $22.000 billion recorded in 2024 and 2025, respectively. The JPMorgan report highlights that the company has taken advantage of price levels below its average cost of $75.000, executing an opportunistic acquisition strategy that is accelerating as financing becomes available.
The competitive advantage lies in the 26% premium that Strategy's shares maintain on their net asset value (NAV)JPMorgan explains that this differential allows the company to issue capital at high valuations to acquire Bitcoin at market prices, generating a direct benefit for existing shareholders. This dynamic is supported by balanced demand, where interest in the company's shares is evenly split between institutional and retail investors.
The bank's strategists emphasize that the ability to use its own «premium"As a currency of exchange, it positions the company in a permanent arbitrage situation, sucking liquidity from the crypto asset market to integrate it into an increasingly robust and efficient corporate structure."
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