📈 TD COWEN: BTC $109K / $280K. MSTR: $260. Thread. 🧵 THE CALL 🎯 BTC $109K by YE2026 (+34%). $280K by 2029 (2.6x). MSTR PT unchanged $260. THE SPLIT 💍❌ Love

📈 TD COWEN: BTC $109K / $280K. MSTR: $260. Thread. 🧵 THE CALL 🎯 BTC $109K by YE2026 (+34%). $280K by 2029 (2.6x). MSTR PT unchanged $260. THE SPLIT 💍❌ Love the asset, not the wrapper. Dilution eats the leverage. THE MSTR FILE 📒 848K BTC. $21B Q3 gain. Perpetual ATM. Premium vs dilution. BOLD/BL…