TD Cowen has initiated equity research coverage on a select group of public Bitcoin treasury companies, establishing a dedicated analytical framework for the sector. The firm has also published valuation models and key performance indicators tailored specifically to these companies, marking an expansion of its research approach to the digital asset space.
Nakamoto Holdings receives buy rating
Among the firms covered, Nakamoto Holdings appears prominently with a buy rating and a price target set at $1.00, significantly higher than its recent closing figure. TD Cowen’s model projects $394 million in Bitcoin-related gains for Nakamoto in the 2027 fiscal year, applying a 2x multiple to these estimates with a forecasted Bitcoin price of around $140,000 at the end of 2026.
Nakamoto Holdings, listed on NASDAQ as NAKA, stands out through its minority holdings in international digital asset treasury firms such as Metaplanet in Japan and Treasury BV in the Netherlands. It also manages subsidiaries in media, Bitcoin advocacy, and digital asset management, positioning itself as a multifaceted participant in the ecosystem. Nakamoto Holdings has cultivated a reputation for combining strategic investments with active advocacy around digital assets.
TD Cowen analysts, including Lance Vitanza, describe Bitcoin as a long-term store of value similar to digital gold, with an optimistic outlook for sector growth. The coverage note emphasizes the distinct nature of Bitcoin treasury companies, differentiating them from both spot Bitcoin ETFs and conventional technology equities.
We are initiating coverage of Nakamoto Holdings with a BUY rating and a $1.00 price target. Our PT is based on estimated BTC $ Gain of $394 million for FY27E, a 2x multiple, and a Bitcoin price of ~$140k at Dec-26.
SharpLink Gaming and Strive are also featured in the coverage with buy ratings, each assigned price targets of $16 and $26 respectively. The broader inclusion of multiple digital asset treasuries reflects an attempt to define and solidify the public Bitcoin treasury company (PBTC) sector as an investable equity category.
Additionally, TD Cowen adjusted its price target for Strategy, lowering it from $440 to $350, while still retaining a positive outlook for the company’s prospects. The update reflects revised Bitcoin price projections and a lower valuation multiple on expected gains, with new estimates for 2026 reduced to $7.87 billion from $10.17 billion previously.
TD Cowen’s ongoing policy analysis
Recent months have seen TD Cowen highlight the growing importance of digital assets within the broader financial market cycle. The initiation of formal coverage on PBTCs marks the bank’s first release of company-specific models and investment ratings in this niche.
Earlier in the year, TD Cowen identified what it described as a unique policy environment in the U.S., characterized by regulatory alignment, political support, and momentum for deregulatory moves linked to President Trump’s administration. This context has set the stage for investment banks to delve deeper into digital asset sectors.
Looking ahead, the firm predicts that key reforms impacting digital assets are more likely to emerge through regulatory agency actions, such as targeted SEC exemptions, new tokenization initiatives, and widened access to banking services, rather than broad legislative changes. However, TD Cowen cautions that unless these reforms occur soon, they may be at risk of rollback or stall after the 2028 election cycle.
- TD Cowen has initiated coverage and proprietary analysis for several Bitcoin treasury companies.
- Nakamoto Holdings and other digital asset firms received buy ratings and notable price targets.
- The move comes as TD Cowen anticipates regulatory action may reshape digital asset sectors.
