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TD Cowen sees bitcoin shifting from asset to capital markets, $132,000 by 2027

Institutional investors are shifting their approach to bitcoin from simple spot holdings to broader capital markets strategies that use common and preferred shares, bonds and income products, TD Cowen managing director Lance Vitanza said. He said investor focus has moved from whether to hold bitcoin to how to structure holdings, and that capital structure and funding capacity matter. He also cited a 2027 bitcoin price view of $132,000.