Post-Apocalyptic Crypto Stock Shopping: TD Cowen's Bull Case for the Walking Dead

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. He's essentially saying these tokens have been through the blender, the shredder, AND the garbage disposal, but somehow they're still breathing—and maybe, just maybe, worth scooping up before the next bull run catches everyone wearing their fomo pants again. Vitanza argued 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. So basically, he's betting on companies that got rekt but refuse to stay rekt.

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. For those doing the math at home, that's roughly a 377% upside—assuming you believe in math, timelines, and the concept of future price appreciation. He based 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. He said 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. It's basically a bitcoin maximalist nesting doll, except instead of stacking smaller Babushkas, you're stacking exposure to other people's bitcoin treasuries. He also pointed to operating businesses in media, bitcoin advocacy and digital asset management, saying those assets create "distinct synergy potential." Translation: they've got their fingers in a lot of pies, and if even one of those pies moons, everyone's drinking champagne.

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. He 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. It's basically an ETH whale in a business suit, except the whale also has opinions about yield generation. Vitanza said the company may deliver better staking yield than spot