TD Cowen this week launched market research on three Bitcoin Treasury companies (PBTCs) and one Ethereum digital asset, publishing value models and KPIs related to the sector.
The move is one of the most definitive steps the central bank has taken in building a research base around Bitcoin-focused businesses.
The company’s researchers, led by Lance Vitanza, see Bitcoin as a long-term store of value – making it in the traditional form of digital gold – and project a price of $140,000 by the end of 2026.
TD Cowen’s opinion agrees with this PBTC imagescompanies that earn Bitcoin on their balance sheets and increase the stock per share, will now form a separate and “storable” category, separate from Bitcoin ETFs and traditional stocks.
Nakamoto receives buy votes
Among the companies covered, Nakamoto Holdings (NASDAQ: NAKA ) received a buy price and a price target of $1.00, compared to its April 8 closing price of $0.21. TD Cowen’s model projects $394 million in Bitcoin profits in fiscal year 2027, using 2x that estimate.
Nakamoto differentiates itself from other PBTCs through its subsidiary Bitcoin Treasury firms – Metaplanet in Japan and Treasury BV in the Netherlands – and organizations that work in the media, Bitcoin publicity, and digital wealth management.
“We are initiating coverage of Nakamoto Holdings with a BUY price and a price target of $1.00. Our PT is based on a BTC$ Gain of $394 million for FY27E, a 2x multiple, and a Bitcoin price of ~$140k on Dec-26,” the company wrote.
SharpLink Sports (SBET) is Practice (ASST) also received Buy ratings, with price targets of $16 and $26, respectively.
On Apr. 9, TD Cowen he also reduced the price on the Strategy to $350 from $440, referring to the low price of bitcoin and the significant depreciation of the expected profits, while maintaining the purchase price. The company lowered Strategy’s 2026 bitcoin profit forecast to $7.87 billion from $10.17 billion in 2025.
The idea behind the launch is richer than one might think. When a bank establishes a new division’s research, it creates an analytical framework that supports other businesses – wealth management, investment banking, and business services – by engaging with the group.
TD Cowen’s stress on the process
TD Cowen has been talking in recent months about the performance of digital assets in the current market, and the launch of April 9 represents the first time that the company publishes a sample of companies and ratings within the PBTC environment.
Back in January, the US entered what TD Cowen said he explained as a rare pro-crypto policy window, driven by coordinated regulators, rising politics, and deregulatory push under the second term of President Trump.
The company hopes that change in 2026 will come through institutional action – such as SEC exemptions, tokenization initiatives, and increased access to banking – rather than through legislation. It warned, however, that these gains must be completed quickly or risk being weakened or reversed after the 2028 election.
Bitcoin Magazine is published by BTC Inc., a Nakamoto Inc. company. (NASDAQ: NAKA)
