After declines of 90% or more in digital asset financiers Nakamoto ( NAKA ), Sharplink Gaming ( 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 firms continue to expand token holdings per share. stock.
Nakamoto Holdings
Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting an upside of nearly five holds from today’s close of $0.21. He based this target on estimated bitcoin dollar gains of $394 million for fiscal year 2027, a 2x multiple, and a bitcoin price of around $140,000 by the end of 2026.
He said Nakamoto stands out among public bitcoin tax companies because it combines direct bitcoin accumulation with minority stakes in overseas financial companies such as Metaplanet and Treasury BV. He also pointed to running businesses in media, bitcoin advocacy and digital asset management, saying these assets create “distinct synergy potential.”
SharpLink Gaming
Initiating SharpLink Gaming (SBET) with a Buy rating and a $16 price target, Vitanza sees $93 million in fiscal 2026 dollar earnings, a 2x multiple and an Ether price of around $3,650 in December 2026. SBET closed Thursday at $6.42.
He described SharpLink, led by former BlackRock head of digital assets Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum tax company that aims to mine ether per share through treasury operations and betting. Vitanza said the company can deliver a better return on investment than spot ether ETPs because fund investors absorb fees and many products cannot bet a large proportion of holdings.
He also argued that even if ether remains weak, staking revenue should more than cover operating costs. That, he said, could help SharpLink continue to produce positive ETH dividends while it waits for capital markets to reopen.
Strive
Vitanza initiated Strive (ASST) with a Buy rating and a price target of $26, or nearly triple today’s close of $9.64. He linked this goal to estimated bitcoin dollar gains of $142 million for fiscal year 2026, a 2x multiple, and bitcoin at around $140,000 by the end of 2026.
He said Strive is the first public bitcoin tax company to acquire another, citing the purchase of Semler Scientific in January 2026. Vitanza called it a “watershed event” and said it supports the view that Strive could become a logical consolidator if more financial companies trade at a discount to the value of their bitcoin.
He also highlighted Strive’s mix of asset management, social media marketing and bitcoin education businesses. In TD Cowen’s view, these devices could support treasury operations and help the company outperform spot bitcoin funds in a favorable market.
