TD Cowen analyst Lance Vitanza believes three digital asset treasury companies could outperform Bitcoin ETFs. He highlights Nakamoto Holdings (NAKA), SharpLink Gaming (SBET), and Strive (ASST) as potential outperformers, citing their strategies of accumulating digital assets and capturing staking yields.
Vitanza initiated coverage of Nakamoto with a Buy rating and a $1.00 price target, projecting significant bitcoin dollar gains by fiscal 2027. He notes Nakamoto's combination of direct bitcoin accumulation and minority stakes in overseas treasury firms, alongside operating businesses in media and digital asset management.
For SharpLink Gaming, Vitanza set a Buy rating and a $16 price target. Describing it as an Ethereum treasury company, he anticipates dollar gains through treasury operations and staking, potentially offering better yields than spot Ether ETPs.
Strive received a Buy rating and a $26 price target. Vitanza points to Strive's acquisition of Semler Scientific as a key strategic move and highlights its asset management, social media marketing, and bitcoin education businesses as potential drivers for outperformance.