Gate News message, April 11, investment bank TD Cowen analyst Lance Vitanza lowered MicroStrategy (stock code MSTR)’s target share price from $440 to $350, and maintained a Buy rating. TD Cowen manages $15 billion in assets.

TD Cowen cut Strategy (MSTR)’s target price by 20.5% to $350, maintained a Buy rating, citing a lowered expectation for the price of bitcoin. For fiscal year 2026, its forecast for bitcoin revenue was reduced to $7.87 billion, and it still believes MSTR will convert demand for market volatility through leverage.

Gate News message, April 6, 150 billion-dollar investment bank TD Cowen analyst Lance Vitanza reiterated a buy rating for Bitcoin reserve company Strategy (MSTR), with a 2026 target price of $440.

TD Cowen’s Jaret Seiberg is pessimistic about the outlook for the Clarity Act, the crypto market structure bill, saying the odds of the bill passing both the House and the Senate are only one-third. A recent compromise proposal on stablecoin yield returns failed to move the bill forward, which could leave both crypto platforms and banks dissatisfied. The bill is most likely to advance in late July, but even optimistic senators have begun to lower their expectations.

TD Securities warns of a renewed crisis in the Japanese yen, indicating potential market intervention in the USD/JPY exchange rate and heightened volatility due to ongoing macroeconomic pressures.

TD Cowen points out that the legislative timeline for the U.S. crypto market structure bill may extend into the August recess, surpassing the original pre-Easter expectations. With primaries concluded, lawmakers will have greater flexibility for negotiations. If control of Congress changes following the 2026 midterm elections, the bill could be delayed until 2027. Currently, the bill is at an impasse due to disagreements between the banking industry and Democrats, but both sides are approaching compromise in negotiations.

Investment bank TD Cowen指出，美国 Congress is close to passing legislation to permanently ban the Federal Reserve from issuing Central Bank Digital Currencies (CBDC). The amendment, proposed by Senator Ted Cruz, aims to turn the current temporary ban into a permanent one, with opponents emphasizing the privacy threats posed by CBDCs. This move could benefit stablecoin issuers but also introduces complex factors for cryptocurrency market legislation.

TD Cowen指出，随着某 crypto company gaining access to the Federal Reserve's core payment system, more crypto companies are expected to obtain this permission this year. The company was designated as a "limited-use" account, and despite facing opposition and lawsuits from the banking industry, the Federal Reserve's approval process will continue to move forward.

The Bank of Canada completed a tokenization pilot project called "Project Samara," successfully issuing 100 million CAD government bonds using Hyperledger Fabric technology. While blockchain improved operational efficiency and data integrity, integration challenges and regulatory frameworks may slow widespread adoption.

A strategist at TD Securities stated that if the U.S. non-farm payroll report does not show significant weakness, it will not affect the dollar. They believe the market will focus on the Middle East conflict and its impact on the Federal Reserve's rate-cutting ability, rather than employment data. If oil prices remain high, the dollar should stay strong.