TD Cowen has launched equity research coverage for three public Bitcoin treasury companies and one Ethereum treasury firm, establishing proprietary valuation frameworks and sector-specific performance metrics. The move represents a significant step in institutionalizing research infrastructure around Bitcoin-focused public equities.
The firm's analysts, led by Lance Vitanza, released company-specific models and ratings for what they term "Public Bitcoin Treasury Companies" (PBTCs)—firms that systematically accumulate Bitcoin on their balance sheets and increase holdings on a per-share basis. TD Cowen's analysis projects Bitcoin reaching approximately $140,000 by end of 2026.
Creating an Investable Asset Class
The firm's thesis positions PBTCs as a distinct equity category, separate from both spot Bitcoin ETFs and traditional technology stocks. This classification carries implications beyond individual stock ratings—when major banks formalize research coverage for emerging sectors, it establishes analytical foundations that enable other business lines, including wealth management and investment banking, to engage with the category.
Among the covered companies, Nakamoto Holdings (NASDAQ: NAKA) received a buy rating with a $1.00 price target, compared to its April 8 closing price of $0.21. The firm's model projects $394 million in Bitcoin gains for fiscal year 2027. Nakamoto differentiates through minority stakes in international Bitcoin treasury firms Metaplanet (Japan) and Treasury BV (Netherlands), plus operating subsidiaries in media and digital asset management.
SharpLink Gaming (SBET) and Strive (ASST) received buy ratings with price targets of $16 and $26 respectively. The firm adjusted its Strategy price target to $350 from $440, citing revised Bitcoin price outlook while maintaining a buy rating.
Workforce and Industry Implications
This development signals growing institutional acceptance of Bitcoin-focused business models, potentially accelerating hiring across treasury management, institutional sales, and corporate finance roles at companies pursuing Bitcoin accumulation strategies.
TD Cowen previously identified the current U.S. administration as creating a pro-crypto policy window, with expected 2026 reforms coming through agency action—SEC exemptions, tokenization initiatives, and expanded banking access—rather than legislation. The firm cautioned these regulatory gains require rapid finalization before potential reversals after the 2028 election cycle, creating urgency for companies building in this sector.
