TD Cowen: Bitcoin to Hit $132,750 by 2028, Strategy, Strive Could Outperform

Bitcoin’s (CRYPTO: BTC) 8% gain over the past month has an industry expert eyeing $132,750 by the end of 2027, while predicting well-run Bitcoin treasury companies could deliver even stronger returns. TD Cowen Managing Director and digital assets analyst Lance Vitanza predicts Bitcoin to hit $275,000 by the end of 2029. However, the firm may need to reassess its longer-term targets after BTC finished Q3 significantly higher above the $76,235 closing price assumed in its forecast. Qualitatively, Vitanza expects Bitcoin to appreciate at a high-20% to roughly 30% annual rate over the longer term. He argued that institutional conversations around Bitcoin have also evolved from whether institutions should participate to how they should gain exposure. Rather than evaluating Bitcoin’s volatility in isolation, institutional investors are increasingly considering whether adding the asset can improve the risk-return profile of a broader portfolio. Why Treasury Companies Could Outperform BTC In an interview with Bitcoin Magazine on Monday, Vitanza noted that as BTC treasury companies can consistently increase their holdings per share on accretive terms there could be an additional upside in Strategy (NASDAQ:MSTR), Strive (NASDAQ:ASST), Metaplanet (NASDAQ:MTPLF) and Nakamoto (NASDAQ:NAKA). Companies can achieve that through issuing common stock at a premium to net asset value or through other financing structures that amplify BTC/share growth. If treasury companies can execute that strategy through both bull and bear markets, Vitanza said their value could potentially appreciate at a significantly higher rate than Bitcoin itself—around 50% more. Investors seeking Bitcoin exposure should consider well-run treasury companies alongside direct exposure to underlying asset. Why Strategy Stands Out Still, Vitanza warned that Bitcoin treasury strategies face their real test when markets tighten and Bitcoin stagnates or falls. Investors should prioritize balance-sheet strength, liquidity, debt maturities and the ability to generate Bitcoin yield without relying on a premium to NAV. TD Cowen points to Strategy’s software business and Bitcoin analytics tools. Bitcoin’s evolution into a capital-markets ecosystem spanning common shares, preferred securities and other forms of "digital credit" gives Strategy a clear edge. He said operating businesses can provide an advantage if they generate cash or create strategic synergies with the Bitcoin treasury operation. Image: Shutterstock Read Also: Can Bitcoin Treasury Companies Beat BTC as Debt Crisis Threatens Dollar? Strive CEO Weighs in