ASST, SBET, NAKA Rally As TD Cowen Bets Big On Crypto Treasuries — But Trims MSTR Target

• TD Cowen initiated coverage of Strive, Nakatomo, and Sharplink Gaming with a ‘Buy’ rating.
• The firm set a price target of just $1 on Nakamoto, indicating it doesn’t expect the company to be delisted for trading below the qualifying threshold since late October last year. 
• TD Cowen also reiterated its ‘Buy’ rating for Michael Saylor-backed Strategy, but lowered the price target to $350 from $440.

Shares of digital asset treasury companies Strive Asset Management (ASST), SharpLink Gaming (SBET and Nakamoto (NAKA) rose in pre-market trade on Friday after TD Cowen initiated coverage of the crypto-linked stocks with a ‘Buy’ rating.

It also reiterated its ‘Buy’ rating for Michael Saylor-backed Strategy (MSTR), but lowered the price target to $350 from $440. In a note to investors cited by TheFly, the firm said its repricing is based on an estimated Bitcoin gain of $142,000 for 2026 and expects Bitcoin’s price to reach approximately $140,000 by year-end.

MSTR’s stock rose 0.5% in pre-market trade amid strength in the broader crypto and equities markets. Retail sentiment on Stocktwits remained in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

Meanwhile, Bitcoin’s price crossed $72,000 again in early morning trade on Friday. The apex cryptocurrency rose 1.3% in the last 24 hours, with retail sentiment improving to ‘bullish’ from ‘neutral’ over the past day. TD Cowen’s year-end price target of $140,000 represents nearly 50% upside. 

TD Cowen Expects NAKA’s Reverse Stock Split To Come Through

NAKA’s stock posted the largest pre-market gain among the cohort, rising as much as 8%. Retail sentiment around Nakamoto on Stocktwits remained in ‘bullish’ territory, accompanied by ‘high’ levels of chatter. 

TD Cowen set a price target of just $1, indicating it doesn’t expect the company to be delisted after trading below the qualifying threshold since late October last year. The price target represents an upside of over 350% from Thursday’s close of around $0.21. 

Nakamoto on Thursday also announced that it's seeking a reverse stock split to avoid Nasdaq delisting. The company stated it will execute a 1-for-20 to 1-for-50 share consolidation.

Meanwhile, its Bitcoin accumulating peer Strive, backed by entrepreneur and politician Vivek Ramaswamy, also got a ‘Buy’ rating, with a price target of $26. This represents a potential upside of 165% from Thursday’s day of $9.81. 

ASST’s stock rose as much as 1.18% in pre-market trade. Retail sentiment improved to ‘neutral’ from ‘bearish’ territory, and chatter increased to ‘normal’ from ‘low’ levels.

Ethereum DAT Also Gets A ‘Buy’ Rating

SharpLink Gaming also got a ‘Buy’ rating, with a $16 price target, representing a potential upside of nearly 150% from Thursday’s close of $6.49. SBET’s stock rose more than 1% in pre-market trade, while retail sentiment on Stocktwits dipped to ‘bullish’ from ‘extremely bullish’ territory, and chatter remained at ‘high’ levels.

TD Cowen stated that the price is based on an estimated Ethereum (ETH) dollar gain of $93 million for the financial year of 2026. It expects Etherem’s price to reach $3,650 as of year-end.

Ethereum’s price rose 1.5% in the last 24 hours, climbing back above $2,200. Retail sentiment around the leading altcoin on Stocktwits remained in ‘neutral’ territory over the past day, accompanied by chatter at ‘high’ levels.

Read also: Is Crypto Fatigue Setting In? Wall Street Cuts Targets On HOOD, COIN, GLXY

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