After drops of 90% or more in digital asset treasury companies Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST), TD Cowen’s Lance Vitanza is spotting value.
He argued that each could outperform spot cryptocurrency exchange-traded products if cryptocurrency prices recover and companies continue to expand their per-share token holdings.
Nakamoto Holdings
Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting an upside of nearly five positions from today’s close of $0.21. He based that target on estimated bitcoin dollar earnings of $394 million by fiscal 2027, a 2x multiple, 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 pointed to the operation of media businesses, bitcoin advocacy and digital asset management, saying those assets create “distinctive synergy potential.”
SharpLink Games
Starting SharpLink Gaming (SBET) with a Buy rating and a $16 price target, Vitanza sees 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 Lubin, as an Ethereum treasury company that aims to grow ether per share through treasury operations and staking. Vitanza said the company can offer better staking performance than spot ether ETPs because fund investors absorb the fees and many products cannot stake a large portion of holdings.
He also argued that even if ether remains weak, staking revenue should more than cover operating costs. He said that could help SharpLink continue to produce positive ETH returns while it waits for capital markets to reopen.
Strive
Vitanza initiated Strive (ASST) with a Buy rating and a price target of $26, or nearly triple today’s closing price of $9.64. He pegged that target to estimated bitcoin dollar earnings of $142 million by fiscal 2026, a 2x multiple, and bitcoin at 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 it supports the view that Strive could become a logical consolidator if more treasury companies trade at a discount to the value of their bitcoins.
He also highlighted Strive’s combination of asset management, social media marketing and bitcoin education businesses. In TD Cowen’s view, such units could support treasury operations and help the company outperform bitcoin spot funds in a favorable market.
