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).

According to the source, TD Cowen analyst Lance Vitanza stated in a client note that share prices of Bitcoin treasury firms have fallen below a key threshold, signaling pressure on BTC proxy exposure. source: TD Cowen research note by Lance Vitanza. For traders, TD Cowen’s observation highlights the need to monitor how these equities track spot BTC, particularly any premium or discount to implied Bitcoin holdings when sizing positions and hedges. source: TD Cowen research note by Lance Vitanza.