Strategy shareholders face dilution drag despite brighter bitcoin forecasts, TD Cowen says

TD Cowen said Strategy’s bitcoin outlook has improved, but continued equity issuance could dilute existing shareholders and weigh on per-share value. The firm’s assessment highlights a tension between the company’s ability to raise capital for bitcoin purchases and the cost of financing that growth through dilution. For investors, a stronger bitcoin forecast does not necessarily translate into equivalent upside for Strategy shares.