TD Cowen has launched equity research coverage on Bitcoin treasury companies while projecting Bitcoin to reach $140,000 by late 2026. Led by analyst Lance Vitanza, the investment bank issued buy ratings on several firms and introduced formal valuation models tied to per-share Bitcoin holdings.
New Equity Class Defined
TD Cowen categorized public Bitcoin treasury companies as a distinct equity class. These firms accumulate Bitcoin and aim to grow holdings on a per-share basis. The model differs from both spot Bitcoin ETFs and traditional technology stocks, according to the bank.
The firm published proprietary valuation models and key performance indicators linked to Bitcoin holdings. This marks one of the first structured research efforts by a major bank in this segment. Coverage also extends to one Ethereum-focused digital asset treasury.
Bitcoin Target of $140K Despite Policy Uncertainty
Despite ongoing regulatory ambiguity, TD Cowen sees strong long-term potential, forecasting Bitcoin at $140,000 by late 2026. The bank noted that the current policy cycle influences digital asset adoption. Previously, the market anticipated a pro-crypto environment driven by regulatory alignment, but reforms are expected to rely on agency actions rather than broad legislation.
Buy Ratings on Multiple Firms
Nakamoto Holdings received a buy rating with a $1.00 price target, closing at $0.21 on April 8. TD Cowen projects $394 million in Bitcoin gains for fiscal year 2027 using a 2x multiple. Nakamoto holds stakes in Metaplanet (Japan) and Treasury BV (Netherlands), operating across media, Bitcoin advocacy, and digital asset management.
SharpLink Gaming was rated buy with a $16 target, and Strive with a $26 target.
Strategy Outlook Revised Lower
Alongside new coverage, TD Cowen adjusted its view on Strategy: the price target was lowered from $440 to $350, and the 2026 Bitcoin gains forecast was cut from $10.17 billion to $7.87 billion. The revision reflects the impact of the current policy cycle on digital asset adoption, though the bank remains bullish on the sector long term.