TD Cowen analyst Lance Vitanza has expressed optimism regarding three digital asset treasury companies—Nakamoto Holdings, SharpLink Gaming, and Strive—suggesting they could outperform traditional cryptocurrency exchange-traded funds (ETFs). This assessment follows significant declines in their stock values, which have fallen by over 90% in recent months.
Vitanza initiated coverage of Nakamoto Holdings (NAKA) with a ‘Buy’ rating and a price target of $1.00, indicating a potential increase from its current price of $0.21. He projects that Nakamoto could achieve approximately $394 million in bitcoin gains for fiscal 2027, based on a bitcoin price of around $140,000 by the end of 2026. Vitanza noted that Nakamoto distinguishes itself by combining direct bitcoin accumulation with minority stakes in overseas treasury firms, alongside its ventures in media and digital asset management.
For SharpLink Gaming (SBET), Vitanza also assigned a ‘Buy’ rating, setting a price target of $16. He anticipates the company will generate $93 million in gains for fiscal 2026, based on an ether price of approximately $3,650 by December 2026. SharpLink, led by former BlackRock digital assets head Joseph Chalom and Ethereum co-founder Joseph Lubin, aims to enhance its ether holdings through treasury operations and staking. Vitanza believes that even in a weak ether market, staking income could cover operational costs, allowing the company to maintain positive yields.
Vitanza further initiated coverage of Strive (ASST) with a ‘Buy’ rating and a price target of $26, nearly tripling its current closing price of $9.64. He estimates Strive will achieve $142 million in bitcoin gains for fiscal 2026, with a similar bitcoin price projection. Notably, Strive recently acquired Semler Scientific, marking a significant milestone as the first public bitcoin treasury company to do so. Vitanza emphasized that this acquisition positions Strive as a potential consolidator in a market where treasury companies may trade at discounts to their bitcoin values.
In addition to their treasury operations, Vitanza highlighted the diverse business models of these companies, which include asset management and bitcoin education, suggesting these could enhance their market performance as conditions improve.
TD Cowen analyst Lance Vitanza has identified three digital asset treasury companies—Nakamoto Holdings, SharpLink Gaming, and Strive—as potential outperformers compared to traditional cryptocurrency ETFs. Following substantial declines in their stock values, Vitanza's optimistic projections are based on their strategies for accumulating digital assets and generating income through staking.