TD Cowen Initiates Coverage on Bitcoin Treasury Firms with $140,000 Price Target

TD Cowen has launched research coverage on public companies utilizing Bitcoin as a primary treasury asset, forecasting a price target of $140,000 for the cryptocurrency this year. Analyst Lance Vitanza specifically identified Nakamoto, SharpLink, and Strive as digital asset treasury companies positioned to outperform spot Bitcoin ETFs. According to the research, this projected outperformance relies on a strategy of aggressive coin stacking and the capture of staking yields. These firms fall under the new institutional standards established by TD Securities for Public Bitcoin Treasury Companies (PBTCs). This structural framework provides institutional investors with a standardized methodology for evaluating companies that integrate Bitcoin into their corporate balance sheets as a strategic reserve. The initiative highlights the growing validation of Bitcoin as a legitimate tool for corporate liquidity management, marking a pivotal step in the evolution of the PBTC category as a distinct and investable equity class alongside established names like MSTR and RIOT.