This week, TDCoin began equity research coverage of three public Bitcoin treasuries (PBTCs) and one Ethereum digital asset treasury, publishing proprietary valuation models and key performance indicators for the sector.
The move represents one of the concrete steps taken by a major bank to build a formal research infrastructure around Bitcoin-focused stocks.
The company’s analysts, led by Lance Vitanza, view Bitcoin as a long-term store of value – placing it in the tradition of digital gold – and expect a price of around $140,000 by the end of 2026.
T.D. Quinn’s thesis says so Polybrominated biphenylscompanies that accumulate Bitcoin on their balance sheets and grow their holdings on a per-share basis, now constitute an “investable share class” distinct from both Bitcoin ETFs and traditional technology stocks.
Nakamoto gets a buy rating
Among the companies included, Nakamoto Holdings (NASDAQ: NAKA) has a Buy rating and a price target of $1.00, compared to its April 8 closing price of $0.21. The TDCoin model forecasts a $394 million gain from Bitcoin for fiscal year 2027, applying a multiple to this estimate.
Nakamoto is distinguished from other PBTC firms by holding minority stakes in international bitcoin treasury companies — Metaplanet in Japan and Treasure BV in the Netherlands — and operating subsidiaries in media, Bitcoin advocacy, and digital asset management.
“We initiated coverage of Nakamoto Holdings with a Buy rating and a $1.00 price target. “Our PT is based on estimated $BTC gains of $394M for FY27E, a 2x multiple, and a Bitcoin price of ~$140K on Dec 26,” the company wrote.
Sharp Link Games (SBET) and He works hard (ASST) also received Buy ratings, with price targets of $16 and $26, respectively.
On April 9, T.D. Queen He also lowered his target price On the strategy to $350 from $440, citing lower Bitcoin price expectations and lower valuation multiples on expected gains, while maintaining a Buy rating. The company lowered its 2026 bitcoin earnings forecast for Strategy to $7.87 billion from $10.17 billion in 2025.
The decision to initiate coverage carries weight beyond individual evaluations. When a bank formalizes research coverage for a new segment, it creates the analytical foundation that supports other business lines – wealth management, investment banking, and institutional services – in addressing that category.
T.D. Cowen’s emphasis on this policy cycle
TD Coin has been vocal in recent months about the role of digital assets in the current market cycle, and the April 9 initiatives represent the first example of deploying the company’s models and valuations within the PBTC space.
Back in January, the US entered MA TD Coin described As a rare pro-crypto policy window, driven by allied regulators, political momentum, and a push for deregulation under President Trump’s second term.
The company expects 2026 reforms to come through agency actions — such as SEC waivers, tokenization initiatives, and expanding access to banking services — rather than sweeping legislation. However, she warned that these gains must be completed quickly or risk being weakened or reversed after the 2028 elections.
Bitcoin Magazine is published by BTC Inc., a subsidiary of Nakamoto Inc. (NASDAQ:NAKA)
