What if the next crypto winner isn’t some shiny ETF, but a trio of stocks that have already cratered 90%?
TD Cowen analyst Lance Vitanza just did the unthinkable. He’s slapping Buy ratings on Nakamoto Holdings (NAKA), SharpLink Gaming (SBET), and Strive (ASST). Claims these crypto stocks could smoke spot Bitcoin ETFs. If digital assets rebound. And they keep stacking coins per share.
Look. Bitcoin ETFs are the safe play. Passive. Fees nibbling at edges. But Vitanza’s pitching active aggression—treasuries bloated with BTC and ETH, staking yields, even side hustles in media and management. Price targets? $1 for Nakamoto (from $0.21), $16 for SharpLink ($6.42 close), $26 for Strive ($9.64). All hinging on BTC at $140k, ETH at $3,650 by late 2026.
Why Bet on Crypto Stocks Over Bitcoin ETFs?
Vitanza’s math is bold. For Nakamoto, he sees $394 million in Bitcoin dollar gains by fiscal 2027. Slap a 2x multiple on it. Boom—$1 target. SharpLink? $93 million ETH gains, same multiple. Strive? $142 million BTC pop.
But here’s the kicker—these aren’t pure plays. Nakamoto hoards BTC directly. Holds minority stakes in foreign treasury outfits like Metaplanet and Treasury BV. Toss in media ops, Bitcoin advocacy, digital asset management. “Distinct synergy potential,” Vitanza calls it.
SharpLink? Run by ex-BlackRock digital assets boss Joseph Chalom and Ethereum co-founder Joseph Lubin. They’re an ETH treasury machine. Staking for yield. And get this—Vitanza says they’ll beat spot ETH ETPs because funds charge fees investors eat, and can’t stake big chunks.
Even if ETH flops? Staking covers costs. Positive yield while waiting for markets to thaw.
Strive’s the consolidator. Snapped up Semler Scientific in January 2026—a “watershed event.” If more treasuries trade at discounts to their BTC stacks, Strive buys ‘em cheap.
He said Nakamoto stands out among public bitcoin treasury companies because it combines direct bitcoin accumulation with minority stakes in overseas treasury firms such as Metaplanet and Treasury BV. He also pointed to operating businesses in media, bitcoin advocacy and digital asset management, saying those assets create “distinct synergy potential.”
That’s Vitanza, straight up. Sounds slick. But is it?
Is Nakamoto’s Global Bitcoin Grab a Winner or a Pipe Dream?
Nakamoto’s down 90%. Trading at $0.21. Vitanza wants five-bagger to $1.
Smart? They’re not just buying BTC. They’re sprinkling bets across borders. Metaplanet in Japan—Bitcoin maximalists there love it. Treasury BV? Niche, but adds diversification.
Operating biz? Media and advocacy could pump the narrative. Management arm? Fees on others’ BTC stacks. Synergy, sure—if crypto roars back.
But. These side gigs are tiny. Unproven. And 90% drawdown screams dilution risk. Or worse—forced selling if use bites.
Dry humor alert: It’s like betting on a gold miner with a blog and a podcast. Gold bugs gonna gold bug.
These crypto stocks remind me of the 2017 ICO boom. Back then, every project promised yields and synergies. Most vaporized. Today’s treasuries? Smarter, maybe. But history whispers caution—miners and holders outperform in bull runs, sure, like gold stocks did versus GLD ETF in 2009-2011. Outperformed 3x. Bold prediction: If BTC hits $140k, Strive consolidates the space, becoming the Berkshire of Bitcoin treasuries. But if not? These are discount-bin memes waiting to zero.
That’s my unique spin—TD Cowen glosses over the 2017 parallel, where hype buried real value. These could be the survivors. Or the next graveyard.
SharpLink: Ethereum Staking Kings or Fee Fodder?
$16 target. From $6.42. ETH to $3,650.
Lubin’s crew knows ETH inside out. Staking yields? Better than ETFs, says Vitanza. Funds bleed fees; they don’t.
Even flat ETH? Income covers ops. Accumulate while cheap.
Skeptic hat on. Ethereum’s had a rough patch—scaling woes, fee wars. Staking’s centralized now, risks slashing. And Chalom’s BlackRock pedigree? Ironic, since BlackRock’s IBIT ETF is the competition.
Punchy truth: It’s a hedge fund in stock clothing. If ETH pumps, great. If not, you’re holding a gaming shell with crypto dreams.
Strive’s M&A Play: Bitcoin Empire Builder?
Triple to $26. Acquired Semler—first treasury gobbling another.
Logical consolidator. Discounts to NAV? Buy low, stack high.
Asset management, social media, education—supports the treasury.
Critique time. Corporate hype alert. “Watershed event”? Every deal’s watershed till it drowns. Semler’s solid, but integration risks loom. And Bitcoin education? In 2025? Everyone’s a Bitcoin bro already.
Why This Matters for Your Portfolio
Bitcoin ETFs are boring. Safe. These stocks? Levered lotto tickets.
Upside: If BTC/ETH moon, treasuries + ops = ETF beaters. Yields cover downside.
Downside: 90% drops already. Dilution. Volatility. No ETF wrapper.
Wall Street’s late again. Retail’s been here—burned. Vitanza’s call? Value hunt. Or desperation.
And that privacy sidebar in the original? Obfuscation dying to AI. Zcash lives. Smart nod—crypto’s not just treasuries; surveillance matters.
But prediction markets bit? Kalshi vs. states. Gambling or finance? Off-topic, but shows reg divide crypto stocks dodge—for now.
🧬 Related Insights
- Read more: Bitcoin Wallets Swallow 4.37M BTC: Real Holders Win, Chasers Lose
- Read more: White House Debunks Bank Fears on Stablecoin Yields
Frequently Asked Questions
What are Nakamoto, SharpLink, and Strive?
Bitcoin/ETH treasury companies with side businesses, buying coins aggressively for yield and growth.
Can crypto stocks really beat Bitcoin ETFs?
Maybe—if prices rebound and they stack per-share holdings. TD Cowen says yes; history’s mixed.
Are these stocks a buy after 90% drops?
High risk. Vitanza’s bullish to $1-$26. But crypto’s volatile—DYOR.
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