TD Cowen Predicts Bitcoin to Reach $275,000 by 2029 with Treasury Companies Outperforming

TD Cowen's Managing Director and digital assets analyst, Lance Vitanza, has set a bold target for Bitcoin (BTC), predicting it could reach $132,750 by the end of 2027 and $275,000 by the end of 2029. This forecast comes after Bitcoin's recent 8% gain over the past month, which has prompted Vitanza to reassess the cryptocurrency's potential. He expects Bitcoin to appreciate at an annual rate of roughly 20% to 30% over the longer term.

Vitanza also highlighted the evolving institutional interest in Bitcoin. He noted that conversations have shifted from whether institutions should participate to how they should gain exposure. Institutional investors are now considering how adding Bitcoin to their portfolios can improve overall risk-return profiles.

Beyond direct Bitcoin investment, Vitanza suggested that well-run Bitcoin treasury companies could offer even stronger returns. He pointed to companies like Strategy (NASDAQ:MSTR), Strive (NASDAQ:ASST), Metaplanet (NASDAQ:MTPLF), and Nakamoto (NASDAQ:NAKA) as potential outperformers. These companies can increase their Bitcoin holdings per share through financing structures that amplify growth, potentially appreciating at a rate 50% higher than Bitcoin itself.

Vitanza cautioned that Bitcoin treasury strategies will face their real test during market downturns or stagnation. He advised investors to prioritize balance-sheet strength, liquidity, and the ability to generate Bitcoin yield without relying on a premium to net asset value. He also emphasized Strategy's software business and Bitcoin analytics tools as key advantages in the evolving capital-markets ecosystem.