TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category
TD Cowen this week initiated equity research coverage on three public Bitcoin treasury companies (PBTCs) and one Ethereum digital asset treasury, publishing proprietary valuation models and KPIs specific to the sector.
SharpLink Gaming (SBET) and Strive (ASST) also received Buy ratings, with price targets of $16 and $26, respectively.
On Apr. 9, TD Cowen also cut its price target on Strategy to $350 from $440, citing a lower bitcoin price outlook and a reduced valuation multiple on projected gains, while maintaining a buy rating. The firm lowered its forecast for Strategy’s 2026 bitcoin gains to $7.87 billion from $10.17 billion in 2025.
The decision to initiate coverage carries weight beyond the individual ratings. When a bank formalizes research coverage of a new sector, it creates the analytical foundation that supports other business lines — wealth management, investment banking, and enterprise services — in engaging with the category.
TD Cowen’s stress on this policy cycle
TD Cowen has been vocal in recent months about digital assets’ role in the current market cycle, and the April 9 initiations represent the first instance of the firm publishing company-specific models and ratings within the PBTC space.
Back in January, the U.S. entered what TD Cowen described as a rare pro-crypto policy window, driven by aligned regulators, political momentum, and a deregulatory push under President Trump’s second term.
The firm expects 2026 reforms to come through agency action — such as SEC exemptions, tokenization initiatives, and expanded banking access — rather than sweeping legislation. It warned, however, that these gains must be finalized quickly or risk being weakened or reversed after the 2028 election.
Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)
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