Investment bank TD Cowen maintains its bullish outlook on Bitcoin treasury firm Strategy, despite recent declines in share price and the broader cryptocurrency market. The firm’s analysts believe the drop reflects volatile market conditions rather than a fundamental shift in Strategy’s BTC accumulation strategy. According to analysts Lance Vitanza and Jonathan Navarrete, Strategy’s $535 price target remains unchanged, offering investors an attractive way to gain exposure to Bitcoin. Their analysis points to Strategy’s strong underlying business model, with its Market Net Asset Value (mNAV) recovering to 1.21 despite the recent market volatility. This is based on their view that Strategy has a robust investment strategy based on accumulating Bitcoin rather than speculation.