TD Cowen Bets on 3 Crypto Stocks That Could Beat Bitcoin ETFs

Analyst Lance Vitanza is betting that digital asset treasury companies like Nakamoto, Sharplink and Strive can outperform standard crypto ETFs by aggressively stacking coins and capturing staking yields.

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.

Vitanza initiated coverage of all three with Buy ratings , setting price targets that imply significant upside from current levels.

In Brief

• TD Cowen analyst Lance Vitanza initiated coverage of Nakamoto (NAKA), Sharplink (SBET), and Strive (ASST) with Buy ratings.
• His price targets assume Bitcoin reaches ~$140,000 and Ethereum ~$3,650 by late 2026.
• He argues these companies can outperform spot crypto ETFs through coin accumulation, staking yields, and operating businesses.
• Each stock has fallen 90% or more from prior highs, creating what Vitanza sees as a value opportunity.

Nakamoto Holdings (NAKA)

Vitanza initiated coverage of Nakamoto with a Buy rating and a $1.00 price target , suggesting nearly a five-fold increase from its recent close of $0.21.

He based that target on:

• Estimated bitcoin dollar gains of $394 million for fiscal 2027
• A 2x multiple
• A bitcoin price of approximately $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 (SBET)

Vitanza started coverage of Sharplink with a Buy rating and a $16 price target , compared to a recent close of $6.42.

His target assumes:

• Estimated dollar gains of $93 million for fiscal 2026
• A 2x multiple
• An ether price of approximately $3,650 by December 2026

He described Sharplink — 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.

Why Vitanza is bullish on SBET

Vitanza said the company may deliver better staking yield than spot ether ETPs because:

• Fund investors absorb fees that reduce net returns
• Many spot products cannot stake a large share of their 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 (ASST)

Vitanza initiated Strive with a Buy rating and a $26 price target , nearly triple its recent close of $9.64.

His target assumes:

• Estimated bitcoin dollar gains of $142 million for fiscal 2026
• A 2x multiple
• Bitcoin at approximately $140,000 by year-end 2026

Why Strive stands out

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

The Analyst's Core Thesis

Assumptions Behind the Price Targets

Risks to Consider

Summary Table: The Three Stocks at a Glance

Final Summary

• TD Cowen analyst Lance Vitanza initiated coverage of Nakamoto, Sharplink, and Strive with Buy ratings, arguing these digital asset treasury companies could outperform spot crypto ETFs if prices rebound and token holdings per share keep rising.
• His price targets assume Bitcoin reaches ~$140,000 and Ethereum ~$3,650 by late 2026, supporting projected gains of 149% to 376% from recent prices.

Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. The price targets and projections mentioned are those of a single analyst and are not guaranteed. Cryptocurrency and equity markets are volatile. Always do your own research before investing.