Zombie Revival: TD Cowen Sees Life in 3 Crypto Stocks That Got Absolutely Demolished

After declines of 90% or more, TD Cowen's Lance Vitanza is spotting value in digital asset treasury companies Nakamoto (NAKA), SharpLink Gaming (SBET), and Strive (ASST). He argues each could outperform spot crypto ETFs if crypto prices recover and these firms keep expanding token holdings on a per-share basis. Because nothing says "contrarian investing" like betting on companies that got vaporized harder than a DeFi protocol during a DAO drama.

Nakamoto Holdings Vitanza initiated coverage of Nakamoto (NAKA) with a Buy rating and a $1.00 price target, suggesting nearly a fivefold increase from today's close of $0.21. 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. He also pointed to operating businesses in media, bitcoin advocacy, and digital asset management, saying those assets create "distinct synergy potential." For those keeping score at home, yes, they're basically running a Bitcoin ETF with extra steps and a side of venture capital tourism.

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, 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. Vitanza said the company may deliver better staking yield than spot ether ETFs because fund investors absorb fees, and many products cannot stake a large share of holdings. He argued that even if ether stays weak, staking income should more than cover operating costs, potentially helping SharpLink continue producing positive ETH yield while waiting for capital markets to reopen. Basically, they're positioning this as a staking machine that prints yield while everyone else just holds bags and hopes.

Strive Vitanza initiated Strive (ASST) with a Buy rating and a $26 price target, nearly triple today's closing price of $9.64. He