According to @CoinMarketCap, investment bank TD Cowen forecasts a 6,720 BTC addition to the company’s treasury following a €620M euro-denominated preferred stock offering and maintains a $141,277 base-case year-end target for BTC; source: CoinMarketCap citing TD Cowen (Nov 12, 2025). For trading, the bank’s forecast highlights two potential catalysts to monitor into year-end: a 6,720 BTC treasury purchase funded by the euro-denominated preferred issuance and the $141,277 BTC base-case target; source: CoinMarketCap citing TD Cowen (Nov 12, 2025).