Lance Vitanza's Degenerate Bargain Hunt: Three Crypto Treasury Stocks That Got Absolutely Clapped Are Now "Buy"

Okay, degens, gather 'round. TD Cowen's Lance Vitanza is doing something that would make most Wall Street types choke on their ESG-compliant oat milk—he's actually buying the corpses of digital asset treasury companies. After Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST) each got absolutely demolished with 90% declines from ATH, Vitanza sees value. His thesis? Each could outperform spot crypto ETFs if prices ever decide to stop being allergic to recovery and these firms keep stacking tokens on a per-share basis. Bold take from a man who's either genius or just really likes living dangerously.

Moving on to Nakamoto Holdings (NAKA), Vitanza slapped a Buy rating and a $1.00 price target on this bad boy—nearly five times today's bargain-bin price of $0.21. That valuation hinges on estimated bitcoin dollar gains of $394 million for fiscal 2027, a 2x multiple, and a bitcoin price around $140,000 by end of 2026. In Vitanza's view, Nakamoto is basically the Chad of public bitcoin treasury companies, combining direct BTC accumulation with minority stakes in overseas treasury operations like Metaplanet and Treasury BV. He also highlighted its operating businesses in media, bitcoin advocacy, and digital asset management, calling those assets a source of "distinct synergy potential." Translation: there's more here than just hodling, and someone might actually want to buy the whole thing someday.

Next up, SharpLink Gaming (SBET). Vitanza initiated coverage with a Buy and a $16 price target, versus Thursday's closing price of $6.42—chump change, basically. His model assumes dollar gains of $93 million for fiscal 2026, a 2x multiple, and an ether price of roughly $3,650 by December 2026. Led by ex-BlackRock digital assets head Joseph Chalom and Ethereum co-founder Joseph Lubin, SharpLink is positioning itself as an Ethereum treasury company that aims to grow ether per share through treasury ops and staking. Vitanza argues the company could deliver better staking yield than spot ether ETPs because fund investors are eating the fees, and many products can't stake a huge chunk of holdings anyway. Even if ether continues its eternal slumber, staking income should theoretically cover operating costs—allowing SharpLink to keep printing positive ETH yield while waiting for capital markets to wake up.

Finally, Strive (ASST) got the Vitanza treatment with a Buy rating and a $26 price target—nearly triple today's closing price of $9.64. That target connects to estimated bitcoin dollar gains of $142 million for fiscal 2026, a 2x multiple, and bitcoin at roughly $140,000 by year-end 2026. Vitanza noted that Strive is the first public bitcoin treasury company to acquire another one, pointing to its January 2026 purchase of Semler Scientific as a "watershed event." That deal supports the theory that Strive could become a logical consolidator if more treasury companies keep trading at a discount to their bitcoin value. He also highlighted Strive's mix of