Dead Man Walking? TD Cowen Squints at 3 Crypto Stocks Down 90%+ and Says 'Actually, Maybe Buy' (No, Really)

After declines of 90% or more in digital asset treasury companies Nakamoto (NAKA), Sharplink Gaming (SBET) and Strive (ASST), TD Cowen's Lance Vitanza is spotting value. Look, we've all seen better entry points than "down 90% and still falling," but apparently that's exactly when Wall Street starts getting philosophical. Vitanza argues that each could outperform spot crypto exchange-traded products if crypto prices recover and the firms keep expanding token holdings on a per-share basis. Basically, he's betting that companies holding bags will perform better than ETFs holding the same bags, which—honestly—takes a certain kind of genius.

Nakamoto Holdings Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting nearly a five-fold increase from today's close of $0.21. He's basing that target on estimated bitcoin dollar gains of $394 million for fiscal 2027, a 2x multiple and a bitcoin price of about $140,000 at the end of 2026. To put that in perspective: if you're buying NAKA at $0.21, you're essentially paying roughly two dimes and a penny for exposure to a company that thinks it can 5x in two years. Vitanza says Nakamoto stands out among public bitcoin treasury companies because it combines direct bitcoin accumulation with minority stakes in overseas treasury firms such as Metaplanet and Treasury BV. He also pointed to operating businesses in media, bitcoin advocacy and digital asset management, saying those assets create "distinct synergy potential." That's analyst-speak for "we're not sure how this all connects, but it sounds expensive and therefore valuable."

SharpLink Gaming Starting SharpLink Gaming (SBET) with a buy rating and a $16 price target, Vitanza sees dollar gains of $93 million for fiscal 2026, a 2x multiple and an ether price of about $3,650 by December 2026. SBET closed Thursday at $6.42. For those keeping score at home, that's roughly a 150% upside if ETH hits $3,650, which is apparently the baseline assumption here. Vitanza described SharpLink, which is led by ex-BlackRock head of digital assets Joseph Chalom and Ethereum co-founder Joseph Lubin, as an Ethereum treasury company that aims to grow ether per share through treasury operations and staking. Because nothing says "