Prior View Validated: Small Sales Are Tactical, Not Strategic

Research evidence excerpt

Prior View Validated: Small Sales Are Tactical, Not Strategic

TD Cowen Strategy

Global Research June 8, 2026

While not the primary driver of value, these tactical actions can incrementally enhance long-

term bitcoin accumulation.

Said differently, the company’s actions since our prior note support our thesis that isolated,

tactical adjustments do not alter the broader accumulation strategy.

Model Impact: Modest Revisions, Framework Intact

We have updated our tables and model to reflect the latest issuance and BTC purchases.

Changes are modest and primarily mechanical:

■Slightly higher share count from recent ATM issuance

■Incremental increase in BTC holdings

■Minor updates to near-term BTC yield trajectory

These adjustments do not alter our broader assumptions, including our expectation that

Strategy will end 2026 with materially higher bitcoin holdings than today.

USD Reserve: Stable Liquidity Backdrop

The filing indicates the USD reserve stands at approximately $1.0bn as of June 7.

While below prior peak levels referenced in our earlier work, the reserve remains a key

component of the capital structure—supporting:

■Preferred dividends

■Interest payments

■Tactical financing flexibility

We continue to expect reserve levels to trend with ATM activity and capital structure

conditions, consistent with our prior framework.

Valuation Unchanged: PT Remains $400

We are maintaining our $400 price target and Buy rating.

Our valuation framework is unchanged and remains anchored in:

■Treasury Operations Value (multiple on forward BTC $ gain)

■Balance Sheet Value (projected BTC holdings less liabilities)

Figure 2. Price Target (in millions except per share data)

BTC $ Gain, FY26E $15,229

Earnings multiple 3x

Treasury Operations value $45,687

plus: Bitcoin value at Dec-26 132,241