TD Cowen’s Lance Vitanza sees value in digital asset treasury firms Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST) after they fell more than 90%.
He argued that if cryptocurrencies recover and companies continue to increase their per-share token holdings, they could outperform their respective cryptocurrencies’ spot-traded products.
Nakamoto Holdings
Vitanza initiated coverage on Nakamoto (NAKA) with a Buy rating and a price target of $1.00, implying an almost 5-hold upside from today’s closing price of $0.21. He based his goal on an estimated $394 million dollar increase in Bitcoin in fiscal year 2027, a 2x multiple, and a Bitcoin price of approximately $140,000 at the end of 2026.
He said Nakamoto stands out among public Bitcoin treasury companies because it combines direct Bitcoin accumulation with minority stakes in overseas treasury companies such as Metaplanet and Treasury BV. He also cited business operations in media, Bitcoin advocacy, and digital asset management, saying these assets create “unique synergy potential.”
sharp link gaming
Vitanza, who started Sharplink Gaming (SBET) with a Buy rating and a $16 price target, expects fiscal 2026 dollar earnings of $93 million, a 2x multiple, and an Ether price of approximately $3,650 by December 2026. SBET closed Thursday at $6.42.
He described Sharplink, led by former BlackRock head of digital assets Joseph Chalom and Ethereum co-founder Joseph Rubin, as an Ethereum treasury company that aims to grow Ether per share through treasury operations and staking. Vitanza said the company may have higher staking yields than Spot Ether ETPs because fund investors absorb fees and many products do not allow them to stake a large portion of their holdings.
He also argued that even if Ether prices remain depressed, staking income should be sufficient to cover operating costs. This will allow Sharplink to continue generating positive ETH yields while waiting for capital markets to reopen, he said.
make an effort
Vitanza starts with a buy rating on Strive (ASST) and a price target of $26, or nearly triple today’s closing price of $9.64. He tied that goal to an estimated Bitcoin dollar profit of $142 million (2x) in fiscal year 2026, putting Bitcoin at about $140,000 by the end of 2026.
He said Strive is the first publicly traded Bitcoin finance company to acquire a new Bitcoin company, citing its acquisition of Semler Scientific in January 2026. Vitanza called this a “watershed event” and said he supported the view that Strive could become a logical consolidator as more treasury firms trade at a discount to Bitcoin’s value.
He also highlighted Strive’s combination of asset management, social media marketing, and Bitcoin education businesses. In TD Cowen’s view, these units support treasury operations and could help the company outperform spot Bitcoin funds in a favorable market.
