TD Cowen Sees Major Upside in Crypto Treasury Stocks NAKA, SBET, and ASST

TD Cowen analyst Lance Vitanza has initiated buy ratings on three battered digital asset treasury stocks — Nakamoto Holdings (NAKA), SharpLink Gaming (SBET), and Strive (ASST) — after each shed over 90% of their value. Vitanza believes all three could outperform spot crypto exchange-traded products if prices recover and companies continue growing token holdings on a per-share basis.

Nakamoto Holdings received a $1.00 price target, representing nearly a fivefold jump from its recent close of $0.21. Vitanza's valuation is anchored to projected bitcoin gains of $394 million for fiscal 2027, a 2x multiple, and a bitcoin price forecast of around $140,000 by end of 2026. What sets Nakamoto apart, according to Vitanza, is its dual strategy of direct bitcoin accumulation and minority stakes in international treasury firms like Metaplanet and Treasury BV, alongside operating businesses in media, bitcoin advocacy, and digital asset management — creating what he calls meaningful synergy potential.

SharpLink Gaming earned a $16 price target against its recent close of $6.42. Vitanza's outlook assumes $93 million in ether gains for fiscal 2026 and an ether price near $3,650 by December 2026. Led by former BlackRock digital assets head Joseph Chalom and Ethereum co-founder Joseph Lubin, SharpLink focuses on growing ether per share through treasury management and staking. Vitanza noted the company may generate stronger staking yields than spot ether ETFs, where fee structures and staking limitations reduce investor returns. He also pointed out that staking income alone could cover operating expenses, keeping ether yield positive even during prolonged market weakness.

Strive received the most bullish target at $26, nearly triple its recent close of $9.64, based on projected bitcoin gains of $142 million for fiscal 2026. Vitanza highlighted Strive's January 2026 acquisition of Semler Scientific as a landmark move, positioning the company as a potential consolidator of bitcoin treasury firms trading at a discount. Its asset management, social media, and bitcoin education arms are seen as supporting long-term outperformance over spot bitcoin funds.