TD Cowen Bets on Crypto Treasury Firms to Outpace Bitcoin ETFs via Aggressive Stacking

Analyst Lance Vitanza predicts crypto treasury firms like NAKA and ASST will outperform ETFs by stacking coins and staking. See the $140,000 Bitcoin forecast.

By: AXL Media

Published: Apr 10, 2026, 8:58 AM EDT

Source: Information for this report was sourced from CoinDesk

The Case for Active Treasury Management over Passive ETFs

In a significant shift in institutional crypto strategy, TD Cowen analyst Lance Vitanza has identified a trio of digital asset treasury companies that he believes can outperform traditional spot exchange-traded products (ETPs). Vitanza’s thesis rests on the "per-share" accumulation of tokens, a metric that passive ETFs cannot replicate due to their fixed fee structures and lack of reinvestment. Companies like Nakamoto (NAKA), SharpLink (SBET), and Strive (ASST) leverage their underlying operating businesses to acquire more Bitcoin and Ether, effectively acting as a closed-end fund with an active yield-generating engine. This strategy allows investors to capture not just price appreciation, but the compounding effect of an expanding balance sheet.

Nakamoto’s Global Synergy and Media Strategy

Nakamoto Holdings (NAKA) received a Buy rating with a $1.00 price target, representing a potential five-fold increase from its current $0.21 valuation. Vitanza’s target is predicated on Bitcoin reaching approximately $140,000 by late 2026, which would generate estimated dollar gains of $394 million for the firm. What differentiates Nakamoto is its diversified approach; the company maintains minority stakes in international treasury firms like Metaplanet and Treasury BV while running media and advocacy units. Vitanza contends that these "distinct synergy potentials" allow Nakamoto to influence Bitcoin adoption while simultaneously benefiting from its treasury operations.

SharpLink Gaming and the Ethereum Staking Advantage

For investors seeking Ethereum exposure, Vitanza initiated coverage on SharpLink Gaming (SBET) with a $16 price target. Led by industry veterans Joseph Chalom and Joseph Lubin, SharpLink functions as a dedicated Ethereum treasury that prioritizes staking yields. Unlike spot Ether ETFs, which often face regulatory hurdles or fee burdens when trying to stake assets, SharpLink can aggressively capture yields and use that income to cover operating expenses. Vitanza argues that even in a stagnant market, the company's ability to produce positive ETH yield provides a safety net that passive funds lack, positioning the stock for a 150% gain if Ether hits $3,650 by year-end 2026.