Wall Street Decides Bitcoin Treasury Stocks Are Legit — Initiates Coverage, Issues Buys, Predicts $140K BTC

TD Cowen this week dropped research coverage on three public Bitcoin treasury companies (PBTCs) and one Ethereum digital asset treasury, complete with proprietary valuation models and sector-specific KPIs. For those keeping score at home, that's the financial equivalent of your dad finally admitting he's been lurking on your Discord server — embarrassing for him, but undeniably real. The move signals one of the more concrete steps a major bank has taken to build formal research infrastructure around Bitcoin-focused equities, which, not so long ago, Wall Street would have compared to investing in collectible beanie babies.

Analyst Lance Vitanza's team frames Bitcoin as a long-term store of value — digital gold, if you will — and projects a price of roughly $140,000 by the end of 2026. The thesis: PBTCs, companies that accumulate Bitcoin on their balance sheets and grow holdings on a per-share basis, now constitute a distinct and "investable equity category," separate from both spot Bitcoin ETFs and traditional tech stocks. Basically, the thesis is that holding BTC through equities is now a legitimate thing your financial advisor can pitch without getting immediately fired.

Nakamoto (NASDAQ: NAKA) received a buy rating and a $1.00 price target, compared to its April 8 closing price of $0.21. TD Cowen's model projects $394 million in Bitcoin gains for fiscal year 2027, applying a 2x multiple. The company differentiates through minority stakes in international Bitcoin treasury firms — Metaplanet in Japan and Treasury BV in the Netherlands — plus operating subsidiaries in media, Bitcoin advocacy, and digital asset management. Yes, apparently owning a media company and advocacy group counts as a competitive moat now. Who knew the secret to Bitcoin investing was just vibes and good press.

"We are initiating coverage of Nakamoto Holdings with a BUY rating and a $1.00 price target. Our PT is based on estimated $BTC $ Gain of $394 million for FY27E, a 2x multiple, and