In the wake of significant declines in the values of digital asset treasury companies such as Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST), analysts at TD Cowen, led by Lance Vitanza, are identifying potential growth opportunities. Despite losses exceeding 90%, Vitanza believes these companies could outperform traditional spot cryptocurrency exchange-traded products if there is a rebound in crypto prices and a strategic increase in their token holdings on a per-share basis.
Nakamoto Holdings has caught Vitanza’s attention, leading him to initiate coverage with a Buy rating and a price target set at $1.00. This represents a projected fivefold increase from its current trading value of $0.21. The bullish outlook is grounded in projected gains linked to Bitcoin, anticipating dollar gains of $394 million by fiscal 2027, a conservative twofold multiple, and a forecasted Bitcoin price reaching approximately $140,000 by the end of 2026. Notably, Nakamoto distinguishes itself from other public Bitcoin treasury companies by integrating direct Bitcoin accumulation with minority stakes in various overseas treasury firms, including Metaplanet and Treasury BV. Vitanza also emphasized the presence of operational businesses in media, Bitcoin advocacy, and digital asset management, suggesting that these segments create unique synergy potential for the company.
SharpLink Gaming is another company to watch, with Vitanza rating it a Buy and establishing a $16 price target. He forecasts dollar gains of $93 million for fiscal 2026, based on a twofold multiple and an anticipated Ethereum price of around $3,650 by December of that year. SharpLink, helmed by former BlackRock digital assets leader Joseph Chalom and Ethereum co-founder Joseph Lubin, is positioned as an Ethereum treasury company focusing on augmenting ether per share via treasury operations and staking. Vitanza contended that SharpLink could yield superior staking returns compared to spot ether ETPs, as many such funds incur fees and are limited in their staking capabilities. He further suggested that even amid a weakened ether market, staking income is likely to cover operational costs, enabling SharpLink to maintain positive ETH yield while awaiting more favorable conditions in capital markets.
Lastly, Vitanza initiated coverage on Strive with a Buy rating and set a $26 price target, indicating nearly a threefold increase from the current price of $9.64. The outlook hinges on projected dollar gains from Bitcoin totaling $142 million for fiscal 2026, again based on a twofold multiple and a predicted Bitcoin price of about $140,000. Notably, Strive has made history as the first public Bitcoin treasury company to acquire another, with its January 2026 purchase of Semler Scientific being termed a “watershed event.” Vitanza posits that this strategic maneuver positions Strive as a potential consolidator in a market where many treasury firms are being undervalued relative to their Bitcoin holdings. He further noted Strive’s diverse operations in asset management, social media marketing, and Bitcoin education, suggesting that these units may reinforce treasury operations and improve the company’s performance against spot Bitcoin funds when market conditions turn favorable.
