Nakamoto (NAKA), Sharplink Gaming (SBET), and Stive (ASST) seen positively at Cowen

After declines of 90% or extra in digital asset treasury firms Nakamoto (NAKA), Sharplink Gaming (SBET) and Strive (ASST), TD Cowen’s Lance Vitanza is recognizing worth.

He argued that every might outperform spot crypto exchange-traded merchandise if crypto costs get better and the companies preserve increasing token holdings on a per-share foundation.

Nakamoto Holdings

Vitanza initiated protection of Nakamoto (NAKA) with a Buy score and a $1.00 worth goal, suggesting almost a five-hold enhance from immediately’s shut of $0.21. He primarily based that concentrate on on estimated bitcoin greenback beneficial properties of $394 million for fiscal 2027, a 2x a number of and a bitcoin worth of about $140,000 on the finish of 2026.

He stated Nakamoto stands out amongst public bitcoin treasury firms as a result of it combines direct bitcoin accumulation with minority stakes in abroad treasury companies resembling Metaplanet and Treasury BV. He additionally pointed to working companies in media, bitcoin advocacy and digital asset administration, saying these belongings create “distinct synergy potential.”

SharpLink Gaming

Starting SharpLink Gaming (SBET) with a purchase score and a $16 worth goal, Vitanza sees greenback beneficial properties of $93 million for fiscal 2026, a 2x a number of and an ether worth 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 belongings, Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum treasury firm that goals to develop ether per share by way of treasury operations and staking. Vitanza stated the corporate might ship higher staking yield than spot ether ETPs as a result of fund traders take in charges, and plenty of merchandise can not stake a big share of holdings.

He additionally argued that even when ether stays weak, staking revenue ought to greater than cowl working prices. That, he stated, might assist SharpLink proceed to provide optimistic ETH yield whereas it waits for capital markets to reopen.

Strive

Vitanza initiated Strive (ASST) with a purchase score and a $26 worth goal, or almost triple immediately’s closing worth of $9.64. He tied that concentrate on to estimated bitcoin greenback beneficial properties of $142 million for fiscal 2026, a 2x a number of and bitcoin at about $140,000 by year-end 2026.

He stated Strive is the primary public bitcoin treasury firm to accumulate one other one, citing its January 2026 buy of Semler Scientific. Vitanza referred to as it a “watershed event” and stated it helps the view that Strive might develop into a logical consolidator if extra treasury firms commerce at a reduction to the worth of their bitcoin.

He additionally highlighted Strive’s mixture of asset administration, social media advertising and bitcoin training companies. In TD Cowen’s view, these models might help treasury operations and assist the corporate outperform spot bitcoin funds in a positive market.