This week, TD Cowen commenced its equity research coverage on three publicly traded Bitcoin treasury companies (PBTCs) along with one Ethereum digital asset treasury. They released proprietary valuation models and key performance indicators tailored to this sector.
This initiative represents a significant step by a major financial institution in establishing formal research capabilities focused on equities related to Bitcoin.
The analysts at the firm, under the leadership of Lance Vitanza, perceive Bitcoin as a long-term store of value—often likening it to digital gold—and anticipate that its price could reach approximately $140,000 by the close of 2026.
TD Cowen’s argument posits that PBTCs—entities that accumulate Bitcoin within their balance sheets and increase holdings per share—now form a unique and “investable equity category,” separate from both spot Bitcoin ETFs and conventional tech stocks.
Nakamoto Receives Positive Assessment
Among those analyzed, Nakamoto Holdings (NASDAQ: NAKA) has been assigned a buy rating with an ambitious price target of $1.00, significantly higher than its closing price of $0.21 on April 8. The projections from TD Cowen estimate potential gains in Bitcoin amounting to $394 million for fiscal year 2027 while applying a multiple of 2x to this figure.
Nakamoto sets itself apart from other PBTCs through minority investments in international firms like Metaplanet in Japan and Treasury BV in the Netherlands as well as operating subsidiaries involved in media production, advocacy for Bitcoin, and management of digital assets.
“We are initiating our coverage on Nakamoto Holdings with a BUY rating alongside a target price set at $1.00. This projection is grounded on an estimated $BTC gain totaling $394 million for FY27E based upon our application of a multiple factor alongside expectations for Bitcoin pricing around ~$140k by December 2026,” stated the firm.
NEW: Investment banking powerhouse TD Cowen forecasts that Bitcoin will reach $140,000 this year while issuing “BUY” ratings for $BTC treasury firms such as Nakamoto and Strive. pic.twitter.com/KMArGLGN9u
— Bitcoin Magazine (@BitcoinMagazine) April 10, 2026
SharpLink Gaming (SBET) and Strive (ASST) also received favorable buy ratings with respective targets set at $16 and $26 each.
On April 9th, TD Cowen adjusted its price forecast for Strategy downwards from $440 to $350 due to diminished expectations regarding bitcoin prices along with lowered valuation multiples concerning projected earnings; however they maintained their buy recommendation. The firm’s revised estimates now suggest Strategy’s bitcoin gains may drop from an anticipated total of $10.17 billion in 2025 down to just about$7.87 billion by next year’s end.
The Importance Of This Policy Cycle According To TD Cowen
The decision made by TD Cowen holds significance beyond mere individual assessments; when banks formalize research efforts surrounding new sectors it lays down analytical groundwork beneficial across various business domains—including wealth management services or investment banking activities—that engage within these categories.
Td cowens recent statements highlight their perspective regarding how digital assets fit into current market dynamics while emphasizing how these recent initiations mark first-time instances where company-specific models & ratings have been published specifically targeting pbts space
Td cowens predictions reflect what they termed rare pro-crypto policy windows opening up earlier this January driven largely through synchronized regulatory actions political momentum combined deregulatory pushes occurring during President Trump’s second term
The firm anticipates reforms emerging throughout twenty-sixteen will primarily arise via agency actions such SEC exemptions tokenization initiatives expanded accessibilities rather than sweeping legislative changes However cautioning against delays warning any advancements achieved must be finalized promptly lest risk being weakened reversed following elections slated post twenty-eight years
$BTC Inc., which serves as subsidiary under Nakamato Inc.(NASDAQ:Naka)
This article titled “Td cowan Initiates Coverage On Bitcoins Treasury Companies Frames Pbtc Sector As Investable Equity Category” originally appeared within pages belonging To bitcoin magazine written By Micah Zimmerman .