TD Cowen Cuts Strategy Target to ₱20,913 ($350), Backs Ethereum

TD Cowen analyst Lance Vitanza slashed the price target for Strategy from $440 to $350, citing lower expectations for future Bitcoin prices and a reduced multiple on the company's projected Bitcoin gains. Strategy's stock trades near $129, far below TD's earlier target of $550 set earlier this year.

Strategy, formerly MicroStrategy, holds over ₱3.29 trillion ($55 billion) in Bitcoin and has become the largest corporate holder of the cryptocurrency. The Tysons Corner-based firm's heavy Bitcoin concentration has sparked debate about its inclusion in major indices, with MSCI actively reviewing whether to keep Strategy in its benchmarks.

TD initiated coverage on Sharplink with a buy rating and a $16 price target. The stock closed after-hours at $6.42, down 62% over the past six months. Sharplink systematically buys Ethereum and stakes it to generate yield, positioning itself as the Ethereum equivalent of Strategy's Bitcoin treasury model. Sharplink reported staking revenue of ₱914.19 million ($15.3 million) last month, up 50% from ₱615.44 million ($10.3 million) the prior quarter, generating 14,500 ETH through staking worth ₱561.66 million ($9.4 million).

TD analysts said Sharplink offers superior staking yield compared to Ethereum ETFs based on fee structures and liquidity constraints, and that staking revenue should fully cover operating costs even if Ethereum prices remain depressed. Consensys CEO and Ethereum co-founder Joe Lubin chairs Sharplink and said the firm serves as a bridge between traditional public markets and Ethereum, which posted a ₱43.86 billion ($734 million) full-year loss driven by a decline in the value of its Ethereum holdings during the second half of 2025.