TD Cowen Initiates Coverage on Four Bitcoin Treasury Firms with Buy Ratings

TD Cowen initiated coverage on four Bitcoin treasury firms—Nakamoto, SharpLink, Strive, and Smarter Web—with buy ratings, framing the sector as an investable equity category, while analyst Lance Vitanza cut Strategy's price target to $350 from $440 on lower Bitcoin assumptions. Sharplink received a $16 price target despite trading at $6.42 and falling 62% over six months, though the company differentiates itself through Ethereum staking operations that generated $15.3 million in revenue last quarter, up 50% from $10.3 million. The firm disclosed a $734 million full-year loss driven by declining Ethereum values, even as it accumulated 14,500 Ethereum worth $9.4 million from staking. Sharplink's chairman Joe Lubin co-founded Ethereum and leads Consensys, while Strategy holds over $55 billion in Bitcoin from its Virginia headquarters.

TD Cowen's Coverage Initiation and Price Target for Sharplink

• ▪TD Cowen analysts set a $16 price target for Sharplink shares
• ▪Sharplink shares traded around $6.42 in after-hours trading on Thursday
• ▪Sharplink's stock price has fallen 62% over the past six months

Sharplink's Ethereum Staking Strategy and Financial Performance

• ▪Sharplink disclosed a full-year loss of $734 million driven by a decrease in the value of its Ethereum holdings in the second half of the year
• ▪Sharplink had generated 14,500 Ethereum worth $9.4 million from staking as of last month
• ▪Sharplink's staking revenue jumped nearly 50% quarter-over-quarter to $15.3 million in the fourth quarter of 2025 from $10.3 million in the third quarter of 2025

TD Cowen's Revised Price Target for Strategy

• ▪TD Cowen analysts trimmed their price target for Strategy to $350
• ▪Strategy's stock price edged up to nearly $129 on Thursday
• ▪TD Cowen trimmed its price target for Strategy to $440 from $550 earlier this year

Perspective of Bitcoin treasury investors

• ▪Strategy's stock price of nearly $129 trades significantly below TD Cowen's reduced $350 price target
• ▪Bitcoin treasury company stocks have experienced substantial price declines with Sharplink falling 62% over six months
• ▪TD Cowen's $16 price target for Sharplink represents a 149% upside from the $6.42 after-hours trading price