After declines of 90% or more in digital asset treasury companies Nakamoto (NAKA), Sharplink (SBET) and Strive (ASST), TD Cowen’s Lance Vitanza is spotting value.

He argued that each could outperform spot crypto exchange-traded products if crypto prices recover and the firms keep expanding token holdings on a per-share basis.

Nakamoto Holdings

Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting nearly a five-hold increase from today’s close of $0.21. He based that target on estimated bitcoin dollar gains of $394 million for fiscal 2027, a 2x multiple and a bitcoin price of about $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 firms such as Metaplanet and Treasury BV. He also pointed to operating businesses in media, bitcoin advocacy and digital asset management, saying those assets create “distinct synergy potential.”

SharpLink

Starting Sharplink (SBET) with a buy rating and a $16 price target, Vitanza sees dollar gains of $93 million for fiscal 2026, a 2x multiple and an ether price of about $3,650 by December 2026. SBET closed Thursday at $6.42.

He described Sharplink, which is led by ex-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 may deliver better staking yield than spot ether ETPs because fund investors absorb fees, and many products cannot stake a large share of holdings.

He also argued that even if ether stays weak, staking income should more than cover operating costs. That, he said, could help Sharplink continue to produce positive ETH yield while it waits for capital markets to reopen.

Strive

Vitanza initiated Strive (ASST) with a buy rating and a $26 price target, or nearly triple today’s closing price of $9.64. He tied that target to estimated bitcoin dollar gains of $142 million for fiscal 2026, a 2x multiple and bitcoin at about $140,000 by year-end 2026.

He said Strive is the first public bitcoin treasury company to acquire another one, citing its January 2026 purchase of Semler Scientific. 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 bitcoin.

He also highlighted Strive’s mix of asset management, social media marketing and bitcoin education businesses. In TD Cowen’s view, those units could support treasury operations and help the company outperform spot bitcoin funds in a favorable market.