TD Cowen analyst Lance Vitanza lowered his year-end 2025 Bitcoin price target to $97,500 from $141,277, implying roughly 25% upside from Bitcoin near $78,000, citing heavy overhead resistance after trading between approximately $58,400 and $78,000. He also cut Strategy’s target from $400 to $260 while maintaining a Buy rating, attributing the revision to the softer Bitcoin outlook rather than weaker fundamentals. TD Cowen initiated Strive coverage at $32 and raised its year-end forecast for the company’s Bitcoin holdings to 27,156 BTC. Strive CEO Matt Cole indicated the company plans to exceed 27,000 BTC by year-end after holding 23,156 BTC as of August 28 and purchasing 1,800 BTC for approximately $143 million during the final week of August. Strive has financed purchases through Variable Rate Series A Perpetual Preferred Stock tied to SATA, rather than borrowing or issuing additional common stock.