TD Cowen's Lance Vitanza sees worth in digital asset treasury companies Nakamoto (NAKA), Sharplink Gaming (SBET), and Attempt (ASST) after they fell greater than 90%.
He argued that if cryptocurrencies recuperate and corporations proceed to extend their per-share token holdings, they might outperform their respective cryptocurrencies' spot-traded merchandise.
Nakamoto Holdings
Vitanza initiated protection on Nakamoto (NAKA) with a Purchase score and a worth goal of $1.00, implying an virtually 5-hold upside from right now's closing worth of $0.21. He based mostly his purpose on an estimated $394 million greenback enhance in Bitcoin in fiscal 12 months 2027, a 2x a number of, and a Bitcoin worth of roughly $140,000 on the finish of 2026.
He mentioned Nakamoto stands out amongst public Bitcoin treasury firms as a result of it combines direct Bitcoin accumulation with minority stakes in abroad treasury firms corresponding to Metaplanet and Treasury BV. He additionally cited enterprise operations in media, Bitcoin advocacy, and digital asset administration, saying these property create “distinctive synergy potential.”
sharp hyperlink gaming
Vitanza, who began Sharplink Gaming (SBET) with a Purchase score and a $16 worth goal, expects fiscal 2026 greenback earnings of $93 million, a 2x a number of, and an Ether worth of roughly $3,650 by December 2026. SBET closed Thursday at $6.42.
He described Sharplink, led by former BlackRock head of digital property Joseph Chalom and Ethereum co-founder Joseph Rubin, as an Ethereum treasury firm that goals to develop Ether per share by treasury operations and staking. Vitanza mentioned the corporate could have increased staking yields than Spot Ether ETPs as a result of fund traders soak up charges and lots of merchandise don’t enable them to stake a big portion of their holdings.
He additionally argued that even when Ether costs stay depressed, staking earnings needs to be adequate to cowl working prices. It will enable Sharplink to proceed producing optimistic ETH yields whereas ready for capital markets to reopen, he mentioned.
make an effort
Vitanza begins with a purchase score on Attempt (ASST) and a worth goal of $26, or practically triple right now's closing worth of $9.64. He tied that purpose to an estimated Bitcoin greenback revenue of $142 million (2x) in fiscal 12 months 2026, placing Bitcoin at about $140,000 by the top of 2026.
He mentioned Attempt is the primary publicly traded Bitcoin finance firm to accumulate a brand new Bitcoin firm, citing its acquisition of Semler Scientific in January 2026. Vitanza referred to as this a “watershed occasion” and mentioned he supported the view that Attempt might change into a logical consolidator as extra treasury companies commerce at a reduction to Bitcoin’s worth.
He additionally highlighted Attempt's mixture of asset administration, social media advertising and marketing, and Bitcoin training companies. In TD Cowen's view, these models assist treasury operations and will assist the corporate outperform spot Bitcoin funds in a good market.
