TD Cowen's Lance Vitanza Thinks These 3 Crypto Treasury Stocks Might Actually Out-HODL Bitcoin ETFs

Lance Vitanza at TD Cowen just dropped a spicy take that would make even the most die-hard degen raise an eyebrow: three digital asset treasury companies might actually outperform spot crypto ETFs if token prices ever remember what a bull market feels like and per-share holdings keep stacking like they're building a financial fortress.

Starting with Nakamoto Holdings (NAKA), Vitanza slapped a $1.00 price target on it, which sounds optimistic until you realize that implies nearly a 5x moon mission from the current $0.21 close. His thesis? An estimated $394 million in bitcoin dollar gains by fiscal 2027, applying a 2x multiple and assuming BTC hits roughly $140,000 by late 2026. Nakamoto's claim to fame among public bitcoin treasury companies is its double play of direct BTC accumulation plus minority stakes in overseas treasury firms like Metaplanet and Treasury BV. They've also stacked operating businesses in media, bitcoin advocacy and digital asset management—giving Vitanza what he calls "distinct synergy potential," which is analyst speak for "we have no idea how this works together but it sounds good."

Over at SharpLink Gaming (SBET), Vitanza went even more bullish with a $16 price target versus Thursday's closing prayer of $6.42. His crystal ball shows $93 million in dollar gains for fiscal 2026 based on ether mooning to about $3,650 by December 2026. SharpLink is led by ex-BlackRock head of digital assets Joseph Chalom and Ethereum co-founder Joseph Lubin—because when you need someone to manage your ether treasury, why not grab a couple of ETH OGs? The company operates as an Ethereum treasury focused on growing ether per share through treasury operations and staking. Vitanza argues SharpLink could deliver better staking yields than spot ether ETPs since fund investors get rekt by fees and many products can't stake a large share of holdings anyway. Even in a weak ether environment, staking income should cover operating costs—comfort food for the soul, if not the balance sheet.

Then there's Strive (ASST), getting initiated with a $26 price target, nearly triple today's closing price of $9.64. Vitanza's target ties to estimated bitcoin dollar gains of $142 million for fiscal 2026, a 2x multiple and bitcoin at $140,000 by year-end 2026. Strive made headlines as the first public bitcoin treasury company to acquire another, purchasing Semler Scientific in January 2026—because why watch from the sidelines when you can actually buy the dip with someone else's company? Vitanza called it a "watershed event" supporting the view that Strive could become a logical consolidator if more treasury companies trade at a discount to their bitcoin value. Its