After declines of 90% or more at digital asset treasury firms Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST), TD Cowen’s Lance Vitanza is spotting value.
He argued that each could outperform exchange-traded spot crypto products if crypto prices recover and companies continue to expand their token holdings on a per-share basis.
Nakamoto Holdings
Vitanza initiated coverage on Nakamoto (NAKA) with a Buy rating and a price target of $1.00, suggesting an increase of nearly five holds from today’s close of $0.21. He based this target on estimated Bitcoin dollar gains of $394 million for fiscal 2027, a multiple of 2, and a Bitcoin price of around $140,000 by the end of 2026.
He said Nakamoto stands out among public Bitcoin treasury companies because it combines direct Bitcoin accumulation with minority stakes in foreign treasury companies such as Metaplanet and Treasury BV. He also highlighted media business operations, Bitcoin advocacy, and digital asset management, saying these assets create “distinct synergy potential.”
SharpLink Games
Starting SharpLink Gaming (SBET) with a Buy rating and price target of $16, Vitanza sees dollar gains of $93 million for fiscal 2026, a multiple of 2, and an ether price of around $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 Lubin, as an Ethereum treasury company that aims to grow ether per share through treasury and staking operations. Vitanza said the company could offer a better staking return than ether spot ETPs because fund investors absorb fees and many products cannot stake a significant portion of holdings.
He also argued that even if ether remains weak, staking revenue should more than cover operating costs. This, he said, could help SharpLink continue to produce a positive ETH yield while waiting for the capital markets to reopen.
Strive
Vitanza started Strive (ASST) with a Buy rating and a price target of $26, nearly triple today’s closing price of $9.64. He linked this target to estimated Bitcoin dollar gains of $142 million for fiscal 2026, a multiple of 2, and bitcoin to around $140,000 by the end of 2026.
He said Strive is the first public Bitcoin treasury company to acquire another, citing its purchase of Semler Scientific in January 2026. Vitanza called it a “watershed event” and said he supports the idea that Strive could become a logical consolidator if more treasury companies trade at a price lower than the value of their bitcoin.
He also highlighted Strive’s combination of asset management, social media marketing and Bitcoin education activities. In TD Cowen’s view, these units could support treasury operations and help the company outperform spot Bitcoin funds in a favorable market.
