TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category

TD Cowen this week initiated equity research coverage on four public digital asset treasury companies: Nakamoto Holdings, SharpLink Gaming, Strive, and Strategy, publishing proprietary valuation models and KPIs for the sector. Nakamoto received a Buy rating with a $1.00 price target; SharpLink and Strive also received Buy ratings; Strategy's target was lowered to $350. The firm frames PBTCs as a distinct investable equity category separate from spot Bitcoin ETFs and tech stocks, projecting a Bitcoin price of ~$140,000 by end-2026. TD Cowen stresses the importance of the current pro-crypto policy window but warns reforms must be enacted quickly to avoid reversal after the 2028 election.