Amid significant declines of over 90% for digital asset treasury firms Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST), Lance Vitanza from TD Cowen sees potential value. He posits that these companies could surpass spot crypto exchange-traded products if cryptocurrency values rebound and the enterprises expand their token reserves per share.
Vitanza initiated Nakamoto with a Buy rating and a $1.00 price target, indicating nearly a fivefold rise from its recent close of $0.21. His projection is based on anticipated bitcoin dollar gains of $394 million for fiscal 2027, a 2x multiple, and an estimated bitcoin price of about $140,000 by the end of 2026.
He highlights Nakamoto’s unique position among public bitcoin treasury firms due to its direct bitcoin accumulation strategy combined with minority stakes in international treasury entities like Metaplanet and Treasury BV. Additionally, he notes its media, bitcoin advocacy, and digital asset management operations, which he believes create “distinct synergy potential.”
Vitanza also initiated coverage of Sharplink Gaming with a Buy rating and a $16 price target, foreseeing dollar gains of $93 million for fiscal 2026, a 2x multiple, and an ether price of about $3,650 by December 2026. SBET closed at $6.42 on Thursday.
He describes Sharplink, led by former BlackRock digital assets head Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum treasury company focused on growing ether per share through treasury operations and staking. Vitanza believes the firm could offer better staking yields than spot ether ETPs due to investor fees and constraints on large-scale staking by many products.
Even if ether remains weak, he argues that staking income should exceed operating costs, allowing Sharplink to maintain positive ETH yield while awaiting capital market recovery.
Vitanza initiated Strive with a Buy rating and a $26 price target, nearly tripling its recent closing of $9.64. This is based on projected bitcoin dollar gains of $142 million for fiscal 2026, a 2x multiple, and an expected bitcoin price of about $140,000 by the end of 2026.
He notes Strive’s distinction as the first public bitcoin treasury company to acquire another, referring to its January 2026 purchase of Semler Scientific. Vitanza considers this a “watershed event” supporting the idea that Strive could become a consolidator if more treasury firms trade below their bitcoin value.
Furthermore, he highlights Strive’s combination of asset management, social media marketing, and bitcoin education businesses, suggesting these units could bolster its treasury operations and enable it to outperform spot bitcoin funds in favorable market conditions.