PBTCs Are Now an 'Investable Equity Category' — Here’s What That Means for Shareholders

Nakamoto Holdings (NAKA) is now priced to gain 376% from its April 8 close, according to TD Cowen’s new $1.00 price target. That projection rests on a $394 million Bitcoin gain estimate for fiscal year 2027, a 2x multiple, and an assumed Bitcoin price of ~$140,000 by the end of 2026. The rating is part of a broader move: TD Cowen has initiated formal equity research coverage on three public Bitcoin treasury companies (PBTCs) and one Ethereum digital asset treasury, publishing proprietary valuation models and KPIs tailored to the sector. This marks one of the most concrete steps a major bank has taken to treat Bitcoin-focused equities as a standalone asset class. TD Cowen’s analysts frame PBTCs — firms that accumulate Bitcoin on their balance sheets and grow holdings on a per-share basis — as a distinct investable equity category, separate from both spot Bitcoin ETFs and traditional tech stocks. Nakamoto received a Buy rating alongside SharpLink Gaming (SBET) and Strive (ASST), with price targets of $16 and $26 respectively. Strategy’s price target was cut to $350 from $440, reflecting a lower Bitcoin price outlook and reduced valuation multiple, with projected 2026 Bitcoin gains downgraded to $7.87 billion from $10.17 billion. The firm’s thesis hinges on a pro-crypto policy window it believes began in early 2024, driven by regulatory alignment and political momentum under a second Trump administration, with expected agency-led reforms by 2026. Institutional research coverage creates the analytical foundation that allows wealth management, investment banking, and enterprise services to engage with PBTCs. Investors now have institutionally backed models to assess valuations based on projected Bitcoin gains and per-share accumulation trends.