Bitcoin Holds $76.9K as U.S.-China Power Race Heats Up, Strategys Preferred Equity Fuels BTC Stack
On the corporate side, TD Cowen lifted its price target on Strategy (MSTR) to $400, implying upside of more than 140% from recent trading levels near $166. The brokerage maintained a buy rating, citing faster-than-expected bitcoin purchases and a refined capital structure that supports bitcoin-per-share growth. Strategy now holds 843,738 BTC — roughly $64 billion at current prices and over 4% of the 21-million circulating supply cap. Between May 11 and May 17 alone, the firm added 24,869 BTC for approximately $2.01 billion, with the brokerage now projecting close to 100,000 BTC accumulated this quarter. A central plank of the bullish thesis is the bitcoin-per-1,000-fully-diluted-shares metric, which has climbed from 1.95 at the close of 2025 to 2.21 today. The increase signals that accretion from bitcoin purchases has outpaced dilution from new share issuance — a critical benchmark for investors tracking Strategy‘s aggressive capital deployment. Per-share bitcoin density is one of the few yardsticks that translates the company’s balance-sheet experiment into a tangible shareholder metric, and rising figures suggest that recent financing rounds have been productive rather than dilutive in net terms despite ongoing equity issuance directed toward continuous spot accumulation. The mechanism behind that improvement is increasingly leaning on preferred equity