According to CoinMeta, as reported by The Block, Cowen has raised its price forecast for Bitcoin, expecting Bitcoin to reach $109,000 by the end of 2026 and $280,000 by 2029. At the same time, it maintains a buy rating and a target price of $260 for MicroStrategy ( Strategy, MSTR ). Analysts point out that although the rise in Bitcoin is expected to improve MicroStrategy's profitability, continuous financing leading to equity dilution, obligations related to preferred stocks, and the construction of cash reserves will limit earnings per share for common stockholders. MicroStrategy holds approximately 848,000 Bitcoins, with unrealized profits of about $4.5 billion. The ratio of its market value to the net asset value of its Bitcoin holdings ( mNAV ) has rebounded from a low of 0.63 in June to around 1. Since the order of repayment for debt and preferred stocks is prior to that of common stocks, MicroStrategy's increased holdings of Bitcoin do not necessarily increase the amount of Bitcoin per share held.