Three Crypto Stocks Could Outsmart Bitcoin ETFs, Says TD Cowen

Markets

What to know:

After a spectacular 90% nosedive-some might say in a fashionably tragic manner-in Nakamoto (NAKA), SharpLink Gaming (SBET) and Strive (ASST), TD Cowen’s Lance Vitanza is spotting value where others reach for their smelling salts.

He’s argued that each could outshine the dull old spot crypto ETFs if prices stage a little comeback and they keep inflating token holdings per share-darling, it’s a spree of per-share pastry.

Nakamoto Holdings

Vitanza kicks off Nakamoto (NAKA) with a Buy rating and a cheeky $1 target, implying almost a fivefold lift from today’s $0.21 close. The math? Bitcoin dollars rising by about $394 million for fiscal 2027, a tidy 2x multiple, and Bitcoin flirting with $140,000 by year-end 2026.

He insists Nakamoto shines amidst the crowd of public bitcoin treasury outfits by marrying direct bitcoin hoarding with minority stakes in overseas treasury firms like Metaplanet and Treasury BV. He also notes its media, bitcoin advocacy and digital asset management ventures, which, he twitters, create “distinct synergy potential.”

SharpLink Gaming

Launching SharpLink Gaming (SBET) with a Buy and a $16 target, Vitanza forecasts roughly $93 million of dollar gains for fiscal 2026, a 2x multiple, and ether around $3,650 by December 2026. SBET closed Thursday at $6.42.

He notes SharpLink, led by former BlackRock head of digital assets Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum treasury company bent on growing ether per share via treasury operations and staking. He suggests the staking yields could outpace those of spot ether ETFs, since investors pay fees and many products can’t stake a hefty slice of holdings.

He further contends that even if ether remains a bit sulky, staking income should more than cover operating costs; in short, SharpLink could keep producing a positive ETH yield while waiting for capital markets to reopen with a flourish.

Strive

Vitanza starts Strive (ASST) with a Buy and a jaunty $26 price target, nearly triple the current $9.64 close. He anchors that to about $142 million of bitcoin-dollar gains in fiscal 2026, a 2x multiple, and Bitcoin flirting with $140,000 by year-end 2026.

He notes Strive is the first public bitcoin treasury company to acquire another, pointing to its January 2026 purchase of Semler Scientific. He calls it a “watershed event” and suggests Strive could become a logical consolidator if other treasury firms trade at a discount to the value of their bitcoin.

He also highlights Strive’s blend of asset management, social media marketing and bitcoin education-units that, in Mr. Vitanza’s view, could prop up treasury operations and help the company outperform spot Bitcoin funds when the market finally puts on its glad rags.

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2026-04-09 23:57