TD Cowen: Strategy can buy 17K Bitcoin without equity dilution

American investment bank TD Cowen recently analyzed that Strategy (formerly MicroStrategy), which raised $2.47 billion by issuing 28 million shares of variable-rate preferred stock, would secure an additional 20,500 BTC if it uses all of the proceeds to purchase additional BTC, assuming an average unit price of $120,000. According to The Block, TD Cowen analysts explained that Strategy serves as a conduit for institutional capital to flow into Bitcoin by offering a variety of Bitcoin-based securities. The bank believes that no one will be able to match Strategy's cost of capital advantage. Even if it issues common stock to secure cash dividends related to the variable-rate preferred stock issuance over the next 10 years, it will be able to purchase an additional 17,000 BTC without diluting common stock, the bank added.