Following significant declines of 90% or more in the digital asset treasury firms Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST), Lance Vitanza from TD Cowen has identified potential investment opportunities.
He believes that these companies could surpass traditional spot crypto exchange-traded products if cryptocurrency prices rebound and they continue to increase their token holdings on a per-share basis.
Nakamoto Holdings
Vitanza has begun coverage of Nakamoto (NAKA) with a Buy recommendation, setting a price target of $1.00, which indicates an almost fivefold increase from its current closing price of $0.21. This target is based on projected bitcoin gains amounting to $394 million for fiscal year 2027, applying a 2x multiple and estimating the bitcoin price at around $140,000 by the end of 2026.
He noted that Nakamoto distinguishes itself among publicly traded bitcoin treasury firms due to its strategy that includes direct accumulation of bitcoin alongside minority investments in international treasury entities like Metaplanet and Treasury BV. Additionally, he highlighted its operational ventures in media, advocacy for bitcoin, and management of digital assets as factors contributing to “unique synergy potential.”
SharpLink Gaming
Bearing a buy rating with an ambitious price target set at $16 for SharpLink Gaming (SBET), Vitanza anticipates dollar gains reaching $93 million for fiscal year 2026 based on a projected ether price near $3,650 by December 2026 while applying a multiple factor of 2x. The stock closed at $6.42 last Thursday.
The firm is led by Joseph Chalom—former head of digital assets at BlackRock—and Ethereum co-founder Joseph Lubin; Vitanza describes it as an Ethereum treasury company focused on enhancing ether holdings through treasury operations and staking initiatives. He asserted that SharpLink might offer superior staking yields compared to standard ether ETPs since fund investors bear fees while many products are unable to stake substantial portions of their holdings.
Moreover, he argued that even if ether remains weak in performance terms, income generated from staking should sufficiently cover operational expenses. This scenario could enable SharpLink to maintain positive ETH yield as it awaits favorable conditions in capital markets.
Strive
Lance Vitanza also initiated coverage on Strive (ASST) with a buy rating along with an ambitious target price set at $26—almost three times today’s closing value which stands at approximately $9.64. His projections link this target to estimated dollar gains from bitcoin totaling around $142 million for fiscal year 2026 using similar multiples while forecasting the same approximate bitcoin valuation by late-2026.
The analyst pointed out that Strive represents the first public company within this sector capable of acquiring another entity; he referenced its acquisition deal involving Semler Scientific completed in January 2026 as pivotal—a “watershed event” indicating Strive’s potential role as a consolidator should other treasury companies trade below their actual bitcoin values.
Additonally highlighted was Strive’s diverse portfolio encompassing asset management services alongside social media marketing efforts paired with educational initiatives surrounding Bitcoin; according to TD Cowen’s analysis these segments could bolster overall treasury operations enabling superior performance against conventional spot Bitcoin funds during advantageous market conditions.