{"id":40615,"date":"2026-04-10T18:32:06","date_gmt":"2026-04-10T18:32:06","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=40615"},"modified":"2026-04-10T18:32:06","modified_gmt":"2026-04-10T18:32:06","slug":"td-cowen-initiates-coverage-on-bitcoin-treasury-companies-frames-pbtc-sector-as-investable-equity-category","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=40615","title":{"rendered":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nTD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category<\/a><\/p>\n

<\/div>\n

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.\u00a0<\/p>\n

The move marks one of the more concrete steps a major bank has taken to build formal research infrastructure around Bitcoin-focused equities.<\/p>\n

The firm\u2019s analysts, led by Lance Vitanza, view Bitcoin as a long-term store of value \u2014 framing it in the tradition of digital gold \u2014 and project a price of roughly $140,000 by the end of 2026.\u00a0<\/p>\n

TD Cowen\u2019s thesis holds that PBTCs<\/a>, companies that accumulate Bitcoin on their balance sheets and grow holdings on a per-share basis, now constitute a distinct and \u201cinvestable equity category,\u201d distinct from both spot Bitcoin ETFs and traditional tech stocks.<\/p>\n

Nakamoto receives a buy rating<\/h2>\n

Among the companies covered, Nakamoto Holdings (NASDAQ: NAKA) received a buy rating and a $1.00 price target, compared to its April 8 closing price of $0.21. TD Cowen\u2019s model projects $394 million in Bitcoin gains for fiscal year 2027, applying a 2x multiple to that estimate.\u00a0<\/p>\n

Nakamoto differentiates from other PBTCs through minority stakes in international Bitcoin treasury firms \u2014 Metaplanet in Japan and Treasury BV in the Netherlands \u2014 and operating subsidiaries in media, Bitcoin advocacy, and digital asset management.<\/p>\n

\u201cWe are initiating coverage of Nakamoto Holdings with a BUY rating and a $1.00 price target. Our PT is based on estimated BTC $ Gain of $394 million for FY27E, a 2x multiple, and a Bitcoin price of ~$140k at Dec-26,\u201d the firm wrote.<\/p>\n

\n
\n
\n

NEW: Investment bank giant TD Cowen predicts Bitcoin to hit $140,000 this year and issues “BUY” rating for BTC treasury companies Nakamoto and Strive. pic.twitter.com\/KMArGLGN9u<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) April 10, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

SharpLink Gaming (SBET) and Strive<\/a> (ASST) also received Buy ratings, with price targets of $16 and $26, respectively.\u00a0<\/p>\n

On Apr. 9, TD Cowen also cut its price target<\/a> 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\u2019s 2026 bitcoin gains to $7.87 billion from $10.17 billion in 2025.<\/p>\n

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 \u2014 wealth management, investment banking, and enterprise services \u2014 in engaging with the category.\u00a0<\/p>\n

TD Cowen\u2019s stress on this policy cycle<\/h2>\n

TD Cowen has been vocal in recent months about digital assets\u2019 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.<\/p>\n

Back in January, the U.S. entered what TD Cowen described<\/a> as a rare pro-crypto policy window, driven by aligned regulators, political momentum, and a deregulatory push under President Trump\u2019s second term.\u00a0<\/p>\n

The firm expects 2026 reforms to come through agency action \u2014 such as SEC exemptions, tokenization initiatives, and expanded banking access \u2014 rather than sweeping legislation. It warned, however, that these gains must be finalized quickly or risk being weakened or reversed after the 2028 election.<\/p>\n

Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)<\/em><\/p>\n

This post TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine 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.\u00a0 The move marks one of the more […]<\/p>\n","protected":false},"author":1,"featured_media":40616,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-40615","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nTD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=40615\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine 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.\u00a0 The move marks one of the more […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptomag.finance\/?p=40615\" \/>\n<meta property=\"og:site_name\" content=\"Cryptomag\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-10T18:32:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/04\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category.jpg\" \/>\n<meta name=\"author\" content=\"Crypto Magazine\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptomagz\" \/>\n<meta name=\"twitter:site\" content=\"@cryptomagz\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Crypto Magazine\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615\"},\"author\":{\"name\":\"Crypto Magazine\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#\\\/schema\\\/person\\\/f749cd846c4f13ef717c12a20ce9d040\"},\"headline\":\"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category\",\"datePublished\":\"2026-04-10T18:32:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615\"},\"wordCount\":581,\"image\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptomag.finance\\\/wp-content\\\/uploads\\\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg\",\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615\",\"url\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615\",\"name\":\"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptomag.finance\\\/wp-content\\\/uploads\\\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg\",\"datePublished\":\"2026-04-10T18:32:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#\\\/schema\\\/person\\\/f749cd846c4f13ef717c12a20ce9d040\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/cryptomag.finance\\\/?p=40615\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#primaryimage\",\"url\":\"https:\\\/\\\/cryptomag.finance\\\/wp-content\\\/uploads\\\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg\",\"contentUrl\":\"https:\\\/\\\/cryptomag.finance\\\/wp-content\\\/uploads\\\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg\",\"width\":1920,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=40615#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/cryptomag.finance\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#website\",\"url\":\"https:\\\/\\\/cryptomag.finance\\\/\",\"name\":\"Cryptomag\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/cryptomag.finance\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#\\\/schema\\\/person\\\/f749cd846c4f13ef717c12a20ce9d040\",\"name\":\"Crypto Magazine\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g\",\"caption\":\"Crypto Magazine\"},\"sameAs\":[\"https:\\\/\\\/cryptomag.finance\",\"https:\\\/\\\/x.com\\\/cryptomagz\"],\"url\":\"https:\\\/\\\/cryptomag.finance\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptomag.finance\/?p=40615","og_locale":"en_US","og_type":"article","og_title":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag","og_description":"Bitcoin Magazine 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.\u00a0 The move marks one of the more […]","og_url":"https:\/\/cryptomag.finance\/?p=40615","og_site_name":"Cryptomag","article_published_time":"2026-04-10T18:32:06+00:00","og_image":[{"url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/04\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category.jpg","type":"","width":"","height":""}],"author":"Crypto Magazine","twitter_card":"summary_large_image","twitter_creator":"@cryptomagz","twitter_site":"@cryptomagz","twitter_misc":{"Written by":"Crypto Magazine","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cryptomag.finance\/?p=40615#article","isPartOf":{"@id":"https:\/\/cryptomag.finance\/?p=40615"},"author":{"name":"Crypto Magazine","@id":"https:\/\/cryptomag.finance\/#\/schema\/person\/f749cd846c4f13ef717c12a20ce9d040"},"headline":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category","datePublished":"2026-04-10T18:32:06+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptomag.finance\/?p=40615"},"wordCount":581,"image":{"@id":"https:\/\/cryptomag.finance\/?p=40615#primaryimage"},"thumbnailUrl":"https:\/\/cryptomag.finance\/wp-content\/uploads\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg","articleSection":["Bitcoin"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/cryptomag.finance\/?p=40615","url":"https:\/\/cryptomag.finance\/?p=40615","name":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category - Cryptomag","isPartOf":{"@id":"https:\/\/cryptomag.finance\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptomag.finance\/?p=40615#primaryimage"},"image":{"@id":"https:\/\/cryptomag.finance\/?p=40615#primaryimage"},"thumbnailUrl":"https:\/\/cryptomag.finance\/wp-content\/uploads\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg","datePublished":"2026-04-10T18:32:06+00:00","author":{"@id":"https:\/\/cryptomag.finance\/#\/schema\/person\/f749cd846c4f13ef717c12a20ce9d040"},"breadcrumb":{"@id":"https:\/\/cryptomag.finance\/?p=40615#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptomag.finance\/?p=40615"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptomag.finance\/?p=40615#primaryimage","url":"https:\/\/cryptomag.finance\/wp-content\/uploads\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg","contentUrl":"https:\/\/cryptomag.finance\/wp-content\/uploads\/TD-Cowen-Initiates-Coverage-on-Bitcoin-Treasury-Companies-Frames-PBTC-Sector-as-Investable-Equity-Category-oa0u5g.jpg","width":1920,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/cryptomag.finance\/?p=40615#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptomag.finance\/"},{"@type":"ListItem","position":2,"name":"TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category"}]},{"@type":"WebSite","@id":"https:\/\/cryptomag.finance\/#website","url":"https:\/\/cryptomag.finance\/","name":"Cryptomag","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptomag.finance\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/cryptomag.finance\/#\/schema\/person\/f749cd846c4f13ef717c12a20ce9d040","name":"Crypto Magazine","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2c24e7a3322cdb9140c7dde381c870ae2c527e0dc5af67ed7a7db042bb2e1d14?s=96&d=mm&r=g","caption":"Crypto Magazine"},"sameAs":["https:\/\/cryptomag.finance","https:\/\/x.com\/cryptomagz"],"url":"https:\/\/cryptomag.finance\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/posts\/40615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40615"}],"version-history":[{"count":0,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/posts\/40615\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=\/wp\/v2\/media\/40616"}],"wp:attachment":[{"href":"https:\/\/cryptomag.finance\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptomag.finance\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}